Hive Blockchain Technologies (TSXV: HIVE) announced this morning that it has seen a further reduction in the firms operating and maintenance costs to approximately 40%. The firm had initially targeted a reduction of 25% when it began cost cutting measures in December 2019.
The further reduction in costs is largely the result of securing a lower than anticipated electricity rate within Sweden, where the company houses much of its mining activity. The lowered rate was partially due to a warmer than anticipated winter within the region, as well as hive taking full control of its Sweden operations in November. The firm primarily uses local green energy suppliers for its electrical supply, which is the firms largest operating expense.