HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF) just announced that it has initiated an expansion of its flagship GPU-based digital currency mining facility in Sweden. The expansion is anticipated to result in a more than 20% increase in the facility’s Ethereum mining production capabilities while improving its gross mining margin profile by leveraging the existing fixed cost base at the facility.
According to the release, HIVE’s
facility in northern Sweden currently operates GPU mining rigs powered entirely
by green energy via renewable hydroelectricity, consistent with the Company’s
green energy strategy. The expansion will see the Sweden facility’s mining
capacity increase by more than 20% in two phases, expected to be completed
within the next six months. The Company will leverage its existing
relationships with local suppliers, including energy suppliers and facility
operator Blockbase Mining Group, with no anticipated increase in staffing and
only a 10% expansion in its facility size required.
HIVE Blockchain Technologies
Ltd (OTCMKTS:HVBTF) trumpets itself as a company that operates in the
cryptocurrency mining space.
It engages in the mining and
sale of digital currencies, such as Ethereum, Ethereum Classic, and ZCash.
The company was formerly known
as Leeta Gold Corp. and changed its name to HIVE Blockchain Technologies Ltd.
in September 2017. HIVE Blockchain Technologies Ltd. was incorporated in 1987
and is headquartered in Vancouver, Canada.
According to company
materials, “HIVE Blockchain Technologies Ltd. is a growth oriented,
TSX.V-listed company building a bridge from the blockchain sector to
traditional capital markets. HIVE is strategically partnered with Genesis
Mining Ltd. to build the next generation of blockchain infrastructure. HIVE
owns state-of-the-art GPU-based digital currency mining facilities in Iceland
and Sweden, which produce newly minted digital currencies like…