Canadian-Based Crypto Mining Firm, HIVE Blockchain Technologies Buys New Green Power Facility for $2.8 Million

Crypto Mining Firm, HIVE Blockchain Buys New Facility for $2.8m

Hive Blockchain Technologies, a Canadian-based crypto mining firm has announced the acquisition of Cryptologic Corp; a mining facility situated in Lachute city in Quebec.

On a press release sent to CryptoZink on March 30, Hive Blockchain claims the new establishment comes with low-cost green power with 30 megawatts installations.

Hive Blockchain global expansion drive

The newly acquired cryptocurrency mining operation costs Hive Blockchain $2.8m USD in cash ($4 million Canadian Dollars – CDA).

In the near feature, the mining firm hopes to increase its mining power to 50 megawatt (MW) globally. Hive already have locations in Iceland, Sweden, Norway and Vancouver, British Columbia.

However, the new facility will enable Hive Blockchain to put more focus on mining bitcoin (BTC). The other mining facilities currently focused on the Ethereum network.

Prioritizing green power & energy

In a press release sent to CryptoZink, Frank Holmes, Hive’s interim Chief Executive Officer (CEO) said:

“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.”

Holmes further stated that:

“A blend of factors makes Quebec a very attractive location for us: geographical diversification, competitive green energy costs, the cost of skilled labor and VAT costs. The acquisition provides us direct control of our destiny, including significant capacity for expansion and flexibility for our future operations. And of course, the positive outlook for blockchain adoption is a reason for our expansion.”

Hive’s Ethereum mining power in Sweden

The purchase announcement comes just a couple of weeks after HIVE Blockchain Technologies increase its Ethereum (ETH) mining capacity in Sweden by a little over 20%. Holmes, however, said his goal is to grow the Iceland mining facility’s profit to the level of Sweden’s.

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