HIVE Announces a New Cloud-based ASIC Mining Facility

HIVE Blockchain Technologies has recently the launch of 200Petahashes of cloud-based SHA-256 mining power. The launch will be in September. This is part of a prior agreement that the company had with Genesis Mining to add this mining capacity to Sweden.

It was decided in December 2017 between the Canadian and the Swedish company. Initially, the power would be aimed at Sweden by building a large-scale facility.

Under the current conditions, these 200 PHs will be provided via cloud mining for about 12 months, after that, they will use mining rigs. This arrangement has the goal of providing mining for low operational costs and gives the company flexibility until the further installation of mining rigs is finally done.

This is part of a strategic partnership between Genesis Mining and HIVE. It will allow HIVE to have more flexibility at the same time that Genesis is benefited in costs. It will also diversify the capacities of the company by introducing new SHA-256 ASIC miners which can have a positive impact on HIVE, which can also have more coins on its portfolio.

According to the CEO of HIVE, Harry Pokrandt, HIVE is dedicated to adding more capacity to the mining network and to continue to explore the best alternatives during its partnership with Genesis Mining.

The company will be mining Bitcoin and other SHA-256 tokens, including Bitcoin Cash, which is also very valuable.

HIVE is a blockchain company based in Canada. It is listed on TSX Venture Exchange, the Canadian stock exchange in which trading is made fully electronically. Also, HIVE has an important partnership with Genesis Mining since last year. Genesis is one of the largest cloud mining companies in the world right now.

At the moment, HIVE has facilities in Iceland and Sweden and mines mostly Ethereum and Bitcoin, but it is looking to expand its business and this is part of the plan.

HIVE is also one of the companies that are included in the Reality Shares Nasdaq Blockchain Economic Index, tracked by NexGen Economy ETF, a Nasdaq-listed ETF that was recently launched by Reality Shares.

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