HIVE Blockchain Technologies Ltd. announced today the completion of the first phase of a multi-phase build-out of a large-scale GPU-based mining complex in 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 over 175% to 10.6MW. HIVE is fully financed to add an additional 13.6MW of GPU mining capacity in Sweden by April 2018 and a further 20.0MW of ASIC mining capacity, facilities capable of mining Bitcoin and Bitcoin Cash, by September 2018. HIVE’s expansion into Sweden diversifies the company’s existing operations located in Iceland, where it has been producing newly mined digital currency continuously since September 2017.
“I am delighted to launch HIVE’s largest and most advanced mining facility to date in 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 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 was completed on budget and utilizes custom Genesis-designed A2 mining rigs that are more efficient than prior generations. Genesis is HIVE’s strategic 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 experience and knowledge gained by creating the leading cryptocurrency mining company and is highly 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 first new 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 first large-scale digital currency mine in September 2017, the price of Ethereum has increased by more than 400% with the global market for cryptocurrencies growing from approximately US$120 billion to over US$700 billion.
HIVE Blockchain has raised over C$200 million since September 2017. After financing HIVE’s planned expansions, the company will retain approximately C$55 million in working capital, providing flexibility for future growth opportunities and investments.
OTC Ticker Symbol Change to HVBTF
HIVE announces that FINRA approved a change in 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 new symbol “HVBTF” (OTC: HVBTF). The previous trading symbol was “PRELF”. There is no action required by current shareholders in connection with this change.
HIVE continues 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 fee of up to C$8,000 starting January 1, 2018, for a period of six months ending on May 31, 2018, and monthly thereafter. Neither Renmark nor any of its executives have an ownership interest, directly or indirectly, in HIVE or its securities.