HIVE, based in Canada, announced it would launch a "cloud mining" installation that would start producing cryptocurrencies this September.
HIVE Blockchain Technologies announced the launch of 200 Petahashes (PH) power cloud mining this September in line with an agreement with Genesis Mining. The addition of 200 PH of mining power SHA-256 was stipulated in a December 2017 agreement between the two companies. Initially, it was decided that capacity will be added to Sweden by building a large structure, but according to the revised new agreement, the 200 PH will be offered on the basis of a cloud mining adaptation until the mining production platforms will be delivered within the next year.
The cloud mining infrastructure enables HIVE to benefit from lower operating costs than the construction and operation of a large plant in Sweden. It also gives HIVE the flexibility to set up the impending delivery of mining rigs in a favorable region, which should be located in an existing facility in North America. The new cloud mining installation will start producing cryptocurrency on September 30th of this year.
Therefore, future cloud-based mining power will diversify HIVE's mining potential by providing the ability to extract ASA SHA-256 based cryptocurrencies that could
HIVE CEO and director Harry Pokrandt commented on the new deal :
"HIVE continues to add additional low-cost capacity to our mining network and we continue to work with our Genesis partners who remain flexible and committed to helping HIVE explore the best alternatives."
"L & # 39 200 PHS implementation doubles the company's mining power, bringing the total capacity to 44 MW through the HIVE network and further expanding our business model, we will soon be extracting Bitcoin and adding more SHA-256 coins, including Bitcoin Cash, "he added .
HIVE is a Canadian blockchain-oriented company listed on the TSX Venture Exchange, a Canadian stock exchange in which it is electronically traded. The company worked with Genesis Mining last year to develop blockchain infrastructure solutions. HIVE has managed mining plants in Iceland and Sweden that produce cryptocurrencies like Ethereum and Bitcoin.
HIVE is one of the companies included in the Nasdaq Blockchain Economy Index of Reality Shares, which is tracked by the Nasdaq-listed ETF NexGen Economy, with the BLCN ticker, launched by Reality Shares.