Canadian Bitcoin BTC/USD mining firm HIVE Blockchain Technologies Ltd HVBT has acquired over 3000 Bitcoin mining rigs from Digital Currency Group subsidiary Foundry Digital LLC.
Click here to listen to HIVE CEO Frank Holmes on Benzinga's PreMarket Prep Show
What Happened: In an announcement earlier today, the Bitcoin miner said the purchase of 3,019 MicroBT WhatsMiner M30S dedicated mining computers was in aid of furthering the “next generation miner expansion.”
The machines will have an aggregate hash power of 264 Petahash per second (PH/s) and increase HIVE’s overall Bitcoin operating hash rate by 46%.
“At the current difficulty and Bitcoin price, these purchased miners will generate an additional US$80,000 in daily income. Bitcoin continues to have a daily volatility of plus or minus 6% and investors need to be aware of this volatility,” said HIVE in a press release.
What Else: As part of the terms of the deal involving acquiring these miners from Foundry Digital, HIVE will join the Foundry USA mining pool that includes several North American Bitcoin miners like Blockcap, Hut 8, and Bitfarms.
“We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners,” said Executive Chairman of HIVE Frank Holmes.
“Mining power is shifting from east to West, and we’re excited to be involved.”
Price Action: At the time of writing, Bitcoin was trading at $33,176, down 2.31% in the past 24-hours.
Photo: Cryprocurrency360.com via Flickr
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