HIVE Inks Deal With Cryptologic For $2.8 Million To Double Mining Capacity

HIVE Power Capacity Doubles

With the acquisition of Cryptologic, the approximate power capacity of the HIVE Blockchain Technology would reach 50 MW. The crypto miners in Europe as well as in Quebec could utilize this power capacity.

The interim executive chairman of HIVE, Frank Holmes, recently said, “The acquisition provides us with an advanced, operating Bitcoin mining facility ready to transition to next-generation mining hardware with access to some of the lowest-cost electricity on the planet”.

According to a report, if the HIVE tries to expand is business then it would remain more flexible.

The Vancouver-based mining firm company has expanded its business to Sweden. And it is now working on increasing the power capacity of its Swedish GPU plant. The plant would mine over 20 percent of ethereum after the next two quarters.

Power Facility On Lease

The Quebec-based mining company have over 14000 Bitmain S9 bitcoin miners, and after being acquired by the HIVE, it would increase the mining capacity of the firm. The Cryptologic has provided this facility to HIVE on a lease, but the ether mining firm claims that it has a plan to extend the lease by five years.

The cloud mining facility of HIVE has the ability to power from remote data centres. The operator provided this facility for a year but in Q2 of the year 2019, the operator shut it, because at that time the mining difficulties were increasing rapidly and cloud-mining became unprofitable for the company.

The recent deal between HIVE and Crytptologice depicts that the latter would own around 4 percent common stocks of HIVE. After the deal, the price share of HIVE on Toronto Stock Exchange experience a growth of 10 percent.

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