Canada-based Ether Mining Firm HIVE is Acquiring a 30 MW Bitcoin Mining Facility For $2.8 Million

Purchased from Cryptologic Corp

HIVE Blockchain Technologies

The company “HIVE Blockchain Technologies” aims to double its global mining capacity therefore it has announced to acquire a 30 megawatts (MW) bitcoin mining facility to achieve its mission.

As announced by the Canada-based ether mining firm HIVE Blockchain Technologies on Monday, March 30, the company has made a partnership agreement with Cryptologic Corp to acquire a bitcoin mining facility with “access to 30 megawatts (“MW”) of low-cost green power at a leased facility” for a price of CA$ 4 million (~US$2.8 million) in Quebec city of Canada.

HIVE wants to double its global mining capacity to 50 MW

Currently, the ether mining firm HIVE Blockchain Technologies is having mining facilities in Sweden and Iceland but the company is looking forward to expanding its bitcoin mining facilities across the whole world. The target of the company is to take its global mining power capacity to 50 MW and with the acquisition of a 30 MW bitcoin mining facility from Cryptologic Corp, it is possible.

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The company was very pleased about announcing this news. The interim executive chairman of HIVE Blockchain Technologies Frank Holmes stated on the occasion:

“This is an important strategic acquisition for HIVE that diversifies our business significantly, and we are making it at an opportune time at an attractive valuation for our shareholders. The acquisition provides us with an advanced, operating Bitcoin mining facility ready to transition to next-generation mining hardware with access to some of the lowest-cost electricity on the planet. The cost of US$95,000 per MW is less than half the industry standard build cost per MW.”

Adding more to it, Mr. Homes said, “Additionally, the acquisition provides us with direct control of our destiny, including the significant capacity for expansion and flexibility for our future operations.”

If the total global mining capacity of HIVE becomes double to approximately 50 megawatts (MW), then it will become one of the largest publicly-listed crypto miners. And it will also give diversification to the business of the company by geographically as well as by blockchain network.

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