Hive Buys More Than 3,000 Bitcoin Mining Rigs



Hive Blockchain Technologies, the Canadian crypto mining firm, has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West.


It has been reported that the 3,019 MicroBT M30S miners, purchased from Digital Currency Group subsidiary Foundry Digital LLC, acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec, and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive.


However, Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms, and Foundry as participants.

Frank Holmes, the Executive Chairman of Hive, said that the firm’s entry into a North American mining pool furthers the company’s goal of increased transparency and accountability with its partners.


Likewise, Mike Colyer, the CEO of Foundry, said:

“We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network.”

The report said that the addition of the new miners would add an aggregate hash power of 264 petahash per second (PH/s), increasing Hive’s overall Bitcoin operating hash rate by 46% to approximately 830 PH/s. Based on the current difficulty and Bitcoin’s price, the newly enhanced mining setup would generate an additional $80,000 in daily income for Hive.


Thus, the company has green energy-powered data center facilities in Canada, Sweden, and Iceland. It recently sold its Norwegian operations due to legislative challenges.


Source: Cointelegraph | Image: HP



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