HIVE to Launch Cloud Mining Installation in September

HIVE Blockchain Technologies announced on Wednesday that it would launch 200 Petahashes (PH) of cloud mining power this September in line with an agreement with Genesis Mining. The addition of 200 PHs of SHA-256 mining power was stipulated in a December 2017 agreement between the two companies. Initially, it was decided that the capacity will be added in Sweden by building a large-scale facility, but according to the new revised agreement, the 200 PHs will be offered based on a cloud mining adaptation until the mining rigs will be delivered within the next year.

The cloud mining infrastructure permits HIVE to benefit from lower operating costs compared to building and managing a large facility in Sweden. It also gives HIVE the flexibility to set up the upcoming delivery of mining rigs in a favorable region, which is expected to be in an existing facility in North America. The new cloud mining installation will start producing cryptocurrency on September 30 of this year.

Thus, the future cloud-based mining power will diversify the mining potential of HIVE by providing the capability to mine SHA-256 ASIC-based cryptocurrencies which might directly influence the company’s coin inventory.

HIVE CEO and director Harry Pokrandt commented on the new deal:

“HIVE remains dedicated to adding additional low-cost capacity to our mining network and we continue to work with our partners at Genesis who remain flexible and committed to helping HIVE explore best alternatives.” “The deployment of 200 PHs nearly doubles the Company's mining power, bringing total capacity to 44 MW across the HIVE network and further expands our business model; we will soon be mining Bitcoin and can add other SHA-256 coins, including Bitcoin Cash,” he added.

HIVE is a Canada-based blockchain-oriented company that is listed on TSX Venture Exchange, a Canadian stock exchange where trading is carried out electronically. The company partnered with Genesis Mining last year to develop blockchain infrastructure solutions. HIVE managed mining facilities in Iceland and Sweden that produce cryptocurrencies like Ethereum and Bitcoin.

HIVE is one of the companies included in the Reality Shares Nasdaq Blockchain Economy Index, which is tracked by the Nasdaq-listed NexGen Economy ETF, with the ticker BLCN, launched by Reality Shares.