Hive aims to take advantage of the East-to-West shift in Bitcoin mining power after regulators in China have renewed efforts to crack down on the industry.
Following its approval for a Nasdaq listing, Canadian Hive Blockchain Technologies has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West.
Purchased from Digital Currency Group subsidiary Foundry Digital LLC, the 3,019 MicroBT M30S miners acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive, according to an official announcement.
Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms and Foundry as participants.
Noting the massive migration of mining power from China to the United States and Canada, Hive executive chairman Frank Holmes said that the firm’s entry into a North American mining pool furthers the company’s goal of increased transparency and accountability with its partners.
“We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network,” Foundry CEO Mike Colyer added.
The announcement says that the addition of the new miners would add an aggregate hash power of 264 petahash per second (PH/s), increasing Hive’s overall Bitcoin operating hash rate by 46% to approximately 830 PH/s. Based on the current difficulty and Bitcoin’s price, the newly enhanced mining setup would generate an additional $80,000 in daily income for Hive.
Hive is known for its green energy-based mining efforts. The company has green energy-powered data center facilities in Canada, Sweden and Iceland. It recently sold its Norwegian operations due to legislative challenges.