VANCOUVER, BC / ACCESSWIRE / January 28, 2021 / HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (FSE:HBF) (the "Company" or "HIVE") is pleased to announce an agreement to expand the footprint of their Sweden GPU mining data centre by an immediate 2 MW at an estimated cost of US$ 9 million, by the end of April 2021
By the end of 2021 we are planning a 30% increase in our Ethereum mining capacity. The immediate expansion of the operating footprint would be accomplished through an infrastructure re-fitting of a portion of its existing facility in Boden, Sweden at an estimated cost of US$ 250,000 and the purchase of new generation GPU chips and associated mining rigs to house them at an estimated cost of US$ 8.75 million. These new generation chips are expected to be more efficient than currently available GPU chips on the market while consuming less electricity, which should lead to continuing positive gross margins.
As we have mentioned before, the COVID-19 pandemic continues to impact logistics and the supply of miners from Asia. Today's announcement is part of our continuing strategy to increase our GPU mining capacity. HIVE intends to continue utilizing cash flow to make opportunistic investments in ASIC and GPU new and next generation mining equipment that can provide positive gross mining margins."