HIVE currently operates data centres that are the building blocks of blockchain infrastructure. HIVE’s data centres in North America and Europe have access to approximately 50 megawatts of power, placing it among the largest and most diversified of any publicly-listed cryptocurrency miner. HIVE is currently utilizing our facilities to mine cryptocurrencies, including Bitcoin and Ethereum, around the clock. HIVE is dedicated to mitigating our environmental impact and have built our facilities in jurisdictions with access to relatively low-cost green/renewable energy. By mitigating our environmental impact, HIVE is building sustainable operations that will power the blockchain of the present and the future.
Completes acquisition of a digital currency mining data centre operational since May 2017 in Iceland with a capacity of approximately 2MW and consisting of GPU-based mining rigs. HIVE Blockchain Technologies Ltd. also commences trading on the TSX Venture exchange under the ticker symbol HIVE.
Acquires second phase for data centre in Iceland with additional capacity of approximately 2 MW and consisting of GPU-based mining rigs.
First of three phases of GPU mining expansion into Sweden launches with GPU-based mining rigs being put into production.
Second of three phases of GPU mining expansion into Sweden launches with additional GPU-based mining rigs being put into production.
Third of three phases of expansion into Sweden launches with additional GPU-based mining rigs being put into production, for a total mining capacity of approximately 17 MW in Sweden.
Launches 200 PHs of SHA-256 ASIC mining capacity, initially pursuant to a cloud hosting arrangement, enabling the mining of Bitcoin.
Expands cloud mining capacity with additional 100 PHs of SHA-256 ASIC mining capacity pursuant to the cloud hosting arrangement.
Company reaches agreement with previous service provider in Iceland and Sweden with HIVE assuming control of the operation of the Sweden and Iceland data centres.
Suspends 200 PHs of cloud mining capacity due to worsening Bitcoin market conditions for miners, as coin prices declined while mining difficulty and network hash rates increased to reach a record high, resulting in the cloud mining operations which operate on a fixed cost basis becoming unprofitable. Suspends remaining 100 PHs of cloud mining capacity in December, 2019.
Completes transition of Sweden data centre to new facility operator Blockbase Group DWC-LLC (“Blockbase”) with HIVE entering into direct agreements with supply chain including local electricity providers to ensure full transparency of costs and reduce operating costs compared to original service provider agreement.
Announces anticipated ~40% reduction in operating and maintenance costs of data centre in Sweden for 2020, compared to such costs under its previous service provider agreement, due to entering into new, direct agreements with local suppliers, and via hedging agreements related to electricity.
Announces the initiation of expansion, expected to be completed within six months, of its flagship GPU-based digital currency mining facility in Sweden, which is anticipated to result in a more than 20% increase in the facility’s Ethereum mining production capabilities while improving its gross mining margin profile by leveraging the existing fixed cost base at the facility.
Completes acquisition of a dedicated cryptocurrency mining operation in Quebec, Canada, with access to 30 MW of low cost, green power, HVAC and electrical infrastructure that is unique to cryptocurrency mining, triple redundancy systems for power and internet connectivity, operational staff, and approximately 14,000 installed Bitmain Antminer S9 miners providing about 173 Petahashes of SHA 256 Bitcoin mining computing power. Concurrent with the acquisition, HIVE announces intention to invest in next generation SHA-256 miners to increase the operating efficiency of the facility and prepare it for the upcoming halving of Bitcoin rewards.
Why Quebec, Canada?
- Competitive costs for green energy, skilled labour and taxes
- Significant capacity for expansion and flexibility for future operations
- Cool jurisdiction with excess green/renewable energy jurisdiction
- Stable political system that is actively exploring blockchain opportunities beyond cryptocurrencies
- Excess green/renewable energy that allows HIVE to mitigate our environmental footprint
- Mild year round temperatures results in less energy dedicated to cooling our facilities
- Electricity provided by geothermal or hydro resources to mitigate our environmental footprint