News - Hive Blockchain purchases additional 3,000 miners
Hive Blockchain purchases additional 3,000 miners
2021-02-24 02:11 ET - News Release
Mr. Frank Holmes reports
HIVE BLOCKCHAIN EXPANDS BITCOIN MINING CAPACITY AGAIN WITH PURCHASE OF 3,000 NEXT GENERATION MINERS TO BE OPERATIONAL IN 60 DAYS TO ACCELERATE CASH FLOW
Hive Blockchain Technologies Ltd. has made a further step toward its updated 2021 ASIC capacity goal of 2,000 petahashes per second with the purchase of 3,000 next-generation miners with an aggregate operating hash power of 90 petahashes per second, taking its total future capacity to 1,763 petahashes per second.
New Miners
With the addition of these 3,000 next generation miners, HIVE's aggregate operating hash rate from Bitcoin mining will increase to an estimated 1.763 Exahash per second (EH/s) or 1,763 PH/s by the end of 2021.
This new equipment is expected to be received and in operation in the next 60 days, delivered in 2 tranches, with 500 miners in March, and 2,500 miners in April 2021.
We remind our shareholders that 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 bitcoin mining capacity. HIVE intends to continue utilizing cash flow to make opportunistic investments in ASIC and GPU next generation mining equipment that can provide positive gross mining margins.
Option and RSU Grant
The Company announced that the Board of Directors has approved the grant of 1,000,000 incentive stock options to a director of the Company which vest over 24 months. The options are exercisable into the equivalent amount of common shares of the Company at a price of C$5.00 per share until February 23, 2031. The Company's Board has also approved the grant of 200,000 restricted share units ("RSUs") to a director of the Company which vest over 24 months. Each vested RSU entitles the holder to receive one common share of the Company. The grant of options and RSUs are subject to the approval of the TSX Venture Exchange.
Cash and coin assets are approximately US $65 million.
About Hive Blockchain Technologies Ltd.
Hive Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins.
We seek Safe Harbor.
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