HIVE currently owns and operates data centres that are the building blocks of blockchain infrastructure. HIVE is currently utilizing our facilities to mine cryptocurrencies, like 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.
TSX-V-listed Leeta Gold Corp. announces renaming as HIVE Blockchain Technologies Ltd. and announces agreement with Genesis Mining Ltd. (“Genesis”) under which HIVE will acquire and maintain certain cryptocurrency mining data centres operated by Genesis in Reykjanes, Iceland.
Enters into exclusive partnership with Genesis under which HIVE will leverage Genesis’ operating and technical experience as well as procurement power to develop new facilities and identify other Blockchain related business opportunities during the build phase of the Company. As part of the agreement, HIVE completes acquisition from Genesis of a digital currency mining data centre operational since May 2017 in Reykjanes, Iceland with a capacity of 2.05 MW and consisting of GPU-based mining rigs.
Acquires the second phase of digital currency mining rigs at the Iceland Data Centre from Genesis adding 1.75 MW and consisting of GPU-based mining rigs, for a total capacity of 3.8 MW as of December 31, 2017.
Enters into agreements with Genesis to expand into Sweden and acquire a total of 20.4 MW of GPU mining rigs to be delivered in three phases, as well as completion of a 20.0 MW Bitcoin Data Centre.
First of three phases of GPU mining expansion into Sweden launches with 6.8MW of GPU-based mining rigs being put into production, for a total capacity of 10.6 MW.
Second of three phases of GPU mining expansion into Sweden launches with additional 6.8MW of GPU-based mining rigs being put into production, for a total capacity of 17.4 MW.
Third of three phases of expansion into Sweden launches with additional 6.8MW of GPU-based mining rigs being put into production, for a total capacity of 24.2 MW.
Completes acquisition of all of the issued and outstanding shares of Kolos Norway AS, whose primary asset is land development rights for a 64-hectare property located in Ballangen, Norway, approximately 225 kilometres north of the Arctic Circle, ideally situated for the construction of a large-scale, climate-cooled data centre with access to low cost power sourced from green and renewable energy sources and in close proximity to infrastructure with excess capacity to provide a supply of more than 1.0 gigawatt (“GW”) of hydroelectricity at highly competitive rates, and access to reliable, high speed internet. Under the Norway agreement, HIVE has the right to develop the land with provisions including raising approximately $22 million (200 million Norwegian Krone) before March 2021; if not done the local Ballangen municipality has the right to take back the land.
Announces amendment to December 2017 agreement with Genesis to replace the agreed 20.0M Bitcoin Data Centre in Sweden with 200 Petahases (PHs) of SHA-256 Bitcoin mining capacity pursuant to a cloud hosting arrangement, ,providing flexibility to install the future delivery of the mining rigs in an advantageous region, anticipated to be in a facility in North America.
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.
Norwegian Parliament approves a legislative bill that cryptocurrency miners will no longer be subject to tax relief on power consumption at the same rate as other power-intensive industries, expected to take effect in 2019. HIVE subsequently concludes that it is no longer probable that it will be able to meet the development conditions of having the Ballangen property developed by March 2023.
Company reaches agreement with service provider Genesis which settles outstanding issues associated with the Sweden data centre, with HIVE assuming control of the operation of the Sweden and Iceland data centres from Genesis, with Genesis providing transitional services to ensure an orderly transition.
Suspends 200 PHs of cloud mining capacity provided by Genesis 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. Company is reviewing options for its cloud mining capacity including its other 100 PHs of cloud mining capacity, the initial contractual term of which expires at the end of December 2019, based on various factors including Bitcoin mining market conditions and the halving of Bitcoin rewards anticipated to occur in May 2020 and its anticipated impact on legacy ASIC miners.
Completes transition of Sweden data centre to new facility operator Blockbase Group DWC-LLC (“Blockbase”) from Genesis 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 with Genesis.
- 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
- Stable political system that is actively exploring blockchain opportunities beyond cryptocurrencies
- Excess green/renewable energy that allows HIVE to mitigate our environmental footprint
- Government actively looking at alternative areas to diversify country risk from fossil fuels
- Cool jurisdiction with excess green/renewable energy