Join Our Mailing List
Monday January 30, 2023
Bitcoin (BTC) $23,772.37   Ethereum (ETH) $1,644.65
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Mining

HIVE Blockchain Technologies improves financial terms of Bitcoin mining contract

Published by CryptoNinjas.net
11/20/2018
HIVE Blockchain Technologies improves financial terms of Bitcoin mining contract

HIVE Blockchain Technologies Ltd. (HIVE), owner and operator of state-of-the-art GPU-based digital currency mining facilities announced that it is ushering in a new chapter as HIVE transitions from its initial start-up phase to HIVE 2.0.

The company today has provided an update on its ASIC mining capacity which began operations on time on September 30, 2018. The previously announced cloud-based contract has been amended to reduce operating costs by 30%, retroactive to October 1, 2018, and provides the option to extend the contract term to two years from one year. Management believes this will have an immediate positive impact on profitability and cash flow generation for the Company.

Additionally, HIVE announced that it has appointed Marco Streng, CEO of Genesis Group and a co-founder of HIVE, as its Vice-Chairman and that it has appointed Darcy Daubaras as Chief Financial Officer effective immediately. Mr. Daubaras replaces Jessica Van Den Akker who has resigned from the Company. Mr. Daubaras will assume responsibility for signing off on the Company’s second-quarter financial statements. Management believes that these are positive corporate developments for HIVE and mark important milestones for the Company as it continues to expand its blockchain footprint and looks towards positive cash flow generation.

Marco Streng is the CEO and co-founder of Genesis as well as a co-founder of HIVE and brings significant experience in the blockchain infrastructure ecosystem. His experience benefits HIVE as the Company expands its footprint and presence in blockchain, including Bitcoin mining. Since its inception in 2013 and under the direction of Marco Streng, Genesis has grown to become the largest hash power provider in the cloud and a leading services provider to the blockchain industry.

Mr. Daubaras brings over 20 years of experience in corporate accounting and public company service. Prior to joining HIVE, Darcy was a member of the executive team at FinancialCAD Corporation. Mr. Daubaras has previously served as the Chief Financial Officer for Canadian listed public companies as well as serving as the Director of Corporate Accounting with Mercer International. Darcy was awarded a CPA, CA designation from the Chartered Professional Accountants of British Columbia as well as being awarded a CPA designation in Illinois and has experience with Sarbanes-Oxley. He received a Bachelor of Commerce from the University of Victoria.

Frank Holmes, HIVE Interim Executive Chairman, said

“I am pleased to welcome Darcy to the executive team and believe his significant experience will serve HIVE extremely well as we enter the next phase of the Company which we are calling HIVE 2.0. I am also pleased that Marco has agreed to join the Board of Directors given his expertise in blockchain as CEO and co-founder of Genesis. Further, the amendments made to the cloud-based services agreement with Genesis mean that HIVE’s mining operations are expected to see improved profitability despite current market conditions and we remain bullish on the long-term value of cryptocurrencies in spite of volatility seen throughout 2018. I would like to thank Jessica who has served as CFO since our launch as a publicly listed blockchain infrastructure company and is an industry pioneer. During her tenure, Jessica developed deep knowledge of the cryptocurrency industry and she was a key contributor to HIVE during its critical growth period. I wish her success in her future endeavors.”

68
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Crypto miner HIVE partners with Blockbase to optimize GPUs at Sweden facility

08/14/2019
Crypto miner HIVE partners with Blockbase to optimize GPUs at Sweden facility

HIVE Blockchain Technologies (HIVE), an operator of GPU-based cryptocurrency mining resources in Iceland and Sweden, today announced that it has entered a strategic partnership with Blockbase Group DWC-LLC (Blockbase), as the new software operator...

Read more

Crypto mining firms HIVE Blockchain and Argo Blockchain look to combine

05/13/2019
Crypto mining firms HIVE Blockchain and Argo Blockchain look to combine

HIVE Blockchain Technologies, the operator of cryptocurrency mining facilities, today announced that it has entered a non-binding letter of intent and heads of terms and a share swap agreement with Argo Blockchain, to explore...

Read more

Genesis Mining attempts take over of mining firm HIVE Blockchain

04/23/2019
HIVE Blockchain finalizes $9M acquisition of crypto mining center in partnership with Genesis Mining

HIVE Blockchain Technologies Ltd., a cryptocurrency mining operator notified its shareholders that on April 19th, 2019 Genesis Mining, the largest shareholder of HIVE, holding approximately 26.3% of the company’s outstanding shares, requisitioned a meeting...

Read more

HIVE Blockchain announces $7 million equity investment by Genesis Mining

10/10/2017
HIVE Blockchain Announces $7 Million Equity Investment by Genesis Mining

HIVE Blockchain Technologies, the developer and owner of cryptocurrency mining infrastructure today has announced that its partner Genesis Mining has partially exercised its participation right pursuant to an investor rights agreement (as described below) and will...

Read more
Load More
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Trust Wallet launches anticipated browser extension of its crypto management app

Trust Wallet launches anticipated browser extension of its crypto management app

11/14/2022
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
6 Best Cloud Mining Platform In 2022

6 Best Cloud Mining Platform In 2022

11/20/2022
Where Exactly Can You Spend Monero Cryptocurrency?

Where Exactly Can You Spend Monero Cryptocurrency?

10/20/2021
Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

Crypto derivatives exchange Deribit to put in place trade surveillance platform from Eventus

01/24/2023
Crypto exchange Gemini launches new electronic OTC trading solution

Crypto exchange Gemini launches new electronic OTC trading solution

01/19/2023
Crypto securitization platform-GenTwo links to all Coinbase assets

Crypto securitization platform GenTwo links to all Coinbase assets

01/14/2023
Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion

Blockchain ecosystem ThunderCore teams with Huobi and MyCointainer in node expansion

01/05/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2023 CryptoNinjas Disclosures | Privacy Policy