Wednesday January 27, 2021
Bitcoin (BTC) $30,814.00   Ether (ETH) $1,294.54
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas.net
No Result
View All Result
Home Mining

HIVE Blockchain reboots Ethereum (ETH) mining in Sweden

Published by CryptoNinjas.net
07/02/2019
Hive Blockchain Eth

HIVE Blockchain Technologies and Genesis Mining, today announced that they have reached a settlement agreement which positively resolves prior misunderstandings and disagreements. The agreement was reached with a focus on initiatives which improve communication, transparency and mutually beneficial cooperation between Genesis and HIVE.

The dispute arose last year when Genesis failed to provide full information as to whether HIVE is being charged Genesis’ cost for power for Iceland and Sweden mining operations. This was despite unilateral increases to power charges to HIVE issued by Genesis.

Operationally, HIVE and Genesis will reboot HIVE’s 20.4 Megawatt (MW) facility in Sweden with 14,000 GPUs mining Ethereum. HIVE will continue to receive 300 Petahash (PH) of cloud-based ASIC Bitcoin mining capacity from Genesis.

Timing of the settlement agreement coincides with improved economic conditions in the cryptocurrency ecosystem amid a substantial decline in energy prices in Sweden and the significant appreciation of digital assets including Ethereum and Bitcoin.

Since HIVE’s April 22, 2019 announcement that its equipment and operations in Sweden had become dormant, Ethereum prices have nearly doubled, Bitcoin has more than doubled and electricity prices in Sweden are approximately half of the cost experienced in April. These conditions are expected to have a very positive impact on HIVE’s gross mining margin.

“I am pleased that we have been able to reach a settlement agreement that focuses on peace and prosperity for both companies and enables management to return to creating value for HIVE shareholders. HIVE has a tremendous portfolio of infrastructure assets and we are benefitting from the dramatic resurgence of cryptocurrencies seen in 2019. We look forward to transitioning our GPU mining assets in Sweden and Iceland to our direct management or to a new service provider and to our continued partnership with Genesis for the delivery of our cloud-based ASIC mining capacity as Bitcoin and Ethereum continue to increase in value in what has been a volatile asset class. The blockchain ecosystem continues to evolve and it is our belief that HIVE is well-positioned to play a significant role in this ever-changing technology. Further, this agreement better positions HIVE for its next phase as HIVE 2.0 with improved visibility and control over our global mining operations.”
– Frank Holmes, Interim Executive Chairman and Interim CEO of HIVE

Settling Dispute

The agreement settles outstanding issues associated with the Sweden Data Center and both parties agreed to mutually release each other from all claims arising from the master service and related agreements, and discontinue any legal proceedings and withdraw any demands made.

Furthermore, HIVE will assume responsibility for the operation of the Sweden and Iceland data centers from Genesis to itself or a third party, and Genesis will provide transitional services to HIVE to ensure an orderly transition. Additionally, the board of directors will undergo a restructuring which will see Marco Streng and Björn Arzt resign as directors of HIVE and its subsidiaries. As part of the agreement, for a period of three years, Genesis will be entitled to nominate one director to the HIVE board of directors provided it continues to hold no less than 10% of HIVE’s shares.

“As a significant shareholder in HIVE, Genesis is pleased to have reached a resolution to this issue. We share HIVE’s vision of accelerating the development of the blockchain sector and look forward to working collaboratively with HIVE to enhance value for all shareholders.”
– Marco Streng, CEO of Genesis

FacebookTwitterLinkedinRedditE-MailTelegram

Related Posts

HIVE Blockchain expands Sweden Ethereum (ETH) mining facility by 20%

HIVE Blockchain to expand Sweden Ethereum (ETH) mining facility by 20%

03/06/2020
Blockchain infrastructure company Genesis Group acquires Blockchain Consulting GmbH

Blockchain infrastructure company Genesis Group acquires Blockchain Consulting GmbH

03/03/2020
HIVE Blockchain reports over 20% increase in daily ether (ETH) mined

HIVE Blockchain reports over 20% increase in daily ether (ETH) mined

01/14/2020
Crypto miner HIVE sees 140% income rise over FY2018

Crypto miner HIVE sees 140% income rise over FY2018

09/30/2019
Crypto miner HIVE partners with Blockbase to optimize GPUs at Sweden facility

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

08/14/2019
Crypto mining firms HIVE Blockchain and Argo Blockchain look to combine

Crypto mining firms HIVE Blockchain and Argo Blockchain look to combine

05/13/2019
Load More

Discussion about this post

Recent Updates

Japan crypto exchange bitbank adds support for QTUM

Crypto trading platform 2gether compensates users from July 2020 multi-million EUR hack

Australia’s national debit operator eftpos joins Hedera Governing Council

Oasis Foundation brings privacy-preserving tech to Conflux blockchain

BitPay adds the Changelly crypto exchange API to app

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit

Trending Views

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Moonbeam and Ocean Protocol to bring a new data economy to Polkadot

Crypto API platform Zabo now supports FTX

BetProtocol rebrands to BEPRO Network offering full blockchain gaming codebase

NEM Ventures launches 2021 NEM Ignite incubator program

  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2021 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

© 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version