Hive Announces Entry into North American Bitcoin Mining Pool

Divya  |  Jul 13, 2021

Hive Blockchain Technologies has announced the purchase of more than 3,000 mining rigs as part of its efforts to capitalize on the ongoing Bitcoin(BTC) mining transition from east to west. The equipment procured by the company is already available at its onsite locations in Quebec, and New Brunswick and will turbocharge Hive’s Bitcoin operating hash rate by approximately 46%.

Clean Energy Focused Miner Hive Enters North American Bitcoin Mining Pool

With its eyes on the burgeoning BTC mining industry in North America, Hive will use the new 3,019 MicroBT M30S miners to increase its aggregate operating hash rate from 66 PH/s to 830 PH/s. The company estimates that at current difficulty and Bitcoin price, the new equipment will generate an additional income of $80,000 per day.

The new mining rigs have been acquired from Digital Currency Group’s subsidiary Foundry Digital LLC, a financing and advisory firm specializing in the mining and staking of digital assets. Following the purchase of these miners, Hive will become a part of Foundry’s USA mining pool, which includes Hut 8, Blockcap, Foundry, and Bitfarms as its contributors.

Highlighting the transition of mining power from China to North America, Frank Holmes, the Executive Chairman of Hive said that the company’s entry into a North American mining pool furthers its goal of better transparency and accountability with its partners.

Foundry CEO Mike Coyler also expressed his enthusiasm for the deal and stated, “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.”

Hive’s Nasdaq Listing and Focus on Renewable Energy

In addition to expanding operations in North America, the Canadian crypto mining firm has also received approval for a listing at Nasdaq’s Capital Markets Exchange. The company claims that its stock, HIVE, is a technology-based growth-oriented offering in the upcoming blockchain industry.

Hive is also dedicated to the integration of green energy in its crypto-related operations. The company owns green-energy-powered facilities in Canada, Sweden, and Iceland, where it’s used to mine and HODL Bitcoin as well as Ethereum.

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