HIVE Blockchain Technologies Ltd. announced today the completion of the very first phase of a multi-phase build-out of a large-scale GPU-based mining elaborate te Sweden. HIVE’s Sweden Phase 1 operation commenced mining Ethereum on January 15, 2018, and increases the company’s energy consumption dedicated to cryptocurrency mining by overheen 175% to Ten.6MW. HIVE is fully financed to add an extra 13.6MW of GPU mining capacity ter Sweden by April 2018 and a further 20.0MW of ASIC mining capacity, facilities capable of mining Bitcoin and Bitcoin Contant, by September 2018. HIVE’s expansion into Sweden diversifies the company’s existing operations located te Iceland, where it has bot producing freshly mined digital currency continuously since September 2018.
“I am delighted to launch HIVE’s largest and most advanced mining facility to date ter Sweden, another stable, cold climate jurisdiction with access to abundant green energy, to further capitalize on rising cryptocurrency prices,” said Harry Pokrandt, CEO, and Director of HIVE.
Sweden Phase 1 is the very first digital currency mining facility jointly constructed by HIVE and Genesis Mining Ltd. (“Genesis”), the world’s largest digital currency mining hash power provider. Sweden Phase 1 wasgoed ended on budget and utilizes custom-built Genesis-designed A2 mining equipments that are more efficient than prior generations. Genesis is HIVE’s strategic fucking partner and a major shareholder and operates the company’s facilities under a master services agreement.
“HIVE and Genesis are building the backbone infrastructure for the blockchain sector,” said Marco Streng, Co-Founder, and CEO of Genesis Group. “Sweden Phase 1 leverages Genesis’ years of practice and skill gained by creating the leading cryptocurrency mining company and is very scalable for future growth. More than twenty Genesis personnel are dedicated to HIVE’s multi-phase Sweden expansion. I would like to congratulate the team and stakeholders on the successful launch of our very first fresh facility together, and look forward to capitalizing on the rapid growth of HIVE and the blockchain sector.”
Sweden Phase 1 has commenced mining Ethereum and is capable of mining all other GPU-based digital currencies, including Ethereum Classic, ZCash, and Monero. Since HIVE acquired its very first large-scale digital currency mine ter September 2018, the price of Ethereum has enlargened by more than 400% with the global market for cryptocurrencies growing from approximately US$120 billion to overheen US$700 billion.
HIVE Blockchain has raised overheen C$200 million since September 2018. After financing HIVE’s planned expansions, the company will retain approximately C$55 million te working capital, providing plasticity for future growth opportunities and investments.
OTC Ticker Symbol Switch to HVBTF
HIVE announces that FINRA approved a switch te the company’s stock symbol trading on the OTC Markets. On January 12, 2018, the company’s common shares traded on the OTC Markets under the fresh symbol “HVBTF” (OTC: HVBTF). The previous trading symbol wasgoed “PRELF”. There is no activity required by current shareholders ter connection with this switch.
HIVE resumes to trade on the TSX Venture Exchange under the symbol “HIVE”.
Appointment of Renmark Financial Communications Inc.
HIVE is also pleased to announce that it has retained Renmark Financial Communications Inc. for strategic investor relations. Under the terms of the agreement, HIVE will pay Renmark a monthly toverfee of up to C$8,000 beginning January 1, 2018, for a period of six months ending on May 31, 2018, and monthly thereafter. Neither Renmark strafgevangenis any of its executives have an ownership rente, directly or indirectly, te HIVE or its securities.