Iceland Cryptocurrency Mining Project
HIVE’s launch transaction involves the acquisition of an initial state-of-the-art blockchain infrastructure facility in Iceland from Genesis Mining Ltd., the world’s largest cloud bitcoin mining company. The facility produces mined cryptocurrency around the clock. Assembly of the facility, which utilizes cutting edge computing components and infrastructure design, was just completed in May 2017.
HIVE also has an option to acquire at least four additional data centres from Genesis in Iceland and/or Sweden.
HIVE has an exclusive arrangement with Genesis to operate its data centres under a Master Service Agreement. The data centres will be monitored with Genesis Hive, Genesis' proprietary software tool for large-scale mining, to automatically optimize chip temperatures and power consumption for maximal coin production.
The Genesis transaction equips HIVE with the three key elements needed to power the future of blockchain computing.
Genesis’ forward-thinking and expertise enabled them to become the leading miners and owners of Ether, the crypto-fuel for the distributed application platform Ethereum, now the world’s second largest cryptocurrency market after Bitcoin.
HIVE will leverage this expertise, and the flexibility afforded by Genesis’ infrastructure design and software, to identify and focus computing resources on existing and new cryptocurrencies as they become more profitable to mine.
Network Hash Rate,
Cost per kWh
Mining cryptocurrencies profitably relies heavily on efficient energy infrastructure. Iceland is ideally suited to crypto mining due to having a naturally occurring cold climate and abundant, cheap electricity from renewable sources like geothermal and hydro. Iceland also has fast and reliable internet connectivity and is a gateway between Europe and North America.
Fast internet connection
About Genesis Mining
Founded in Hong Kong by early Bitcoin investors and mining pioneers, Genesis Mining Ltd. is the largest cryptocurrency miner and the largest cloud miner with over a million customers.
Their first large-scale Bitcoin mining facility was built in 2014 using custom hardware. This was followed up in 2016 with the construction of the world’s largest Ether mining facility — specifically built to support the Ethereum Project at an early stage of its development.
HIVE is a partnership between Genesis Mining and Fiore Group to accelerate the development of the blockchain sector through traditional capital markets and develop the leading listed blockchain infrastructure company.
GET EMAIL UPDATES
By providing your e-mail address, you are consenting to receive press releases, presentations and other information concerning HIVE. You may withdraw your consent at any time by using our unsubscribe feature.