HIVE Blockchain Technologies Ltd. announced today it has entered into a legally binding letter agreement dated October 23, 2017 with its largest shareholder Genesis Mining under which the company will finance the construction of a cryptocurrency mining data centre in Sweden.
The Sweden mining facility will be a newly constructed GPU mining facility with an anticipated completion date of December 2017. HIVE Blockchain’s cryptocurrency mining capacity or hashpower is expected to increase by approximately 175% with the addition.
The new facility will be constructed by Genesis for consideration of an estimated USD $22 million. Pursuant to the master services agreement between HIVE and Genesis, Genesis will be responsible for hosting, maintenance and related services for the new location for a monthly fee.
Harry Pokrandt, CEO and President of HIVE stated:
“With the help of Genesis, Sweden represents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities. HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland. We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency.”