Hive Blockchain Tech (TSXV: HIVE) this morning announced that it has entered into new hosting and management agreements for its GPU-based high performance computing equipment in Iceland. Effective June 1, the new agreements are expected to significantly improve the profitability of operations in the country.
Overall, the new agreements are anticipated to reduce monthly facility and operations costs by 50% in comparison to the previous service provider Genesis Mining. The agreements will also see an upgrade in colocation facilities, as well as improved efficiency and output of GPU operations. The new agreements will also enable the company to assume direct control of operations in Iceland while lowering the costs to mine Ethereum and other digital currencies.