HIVE Blockchain Declares Openly Inauguration of Following Generation Miners at Green Energy-Powered Quebec Bitcoin Mining Facility

HIVE Blockchain Expands Bitcoin Mining Capacity with New Bitmain Antminer Machines

Introduction
HIVE Blockchain Technologies (TSX.V: HIVE) (OTCQX: HVBTF) has significantly bolstered its Bitcoin mining operations in Quebec by deploying 1,090 Bitmain Antminer T17+ machines, each with a hashing power of 58 terahashes per second (TH/s). This move reflects HIVE’s commitment to enhancing its capacity and efficiency using renewable energy resources to stay competitive in the evolving cryptocurrency mining landscape.

HIVE’s Expanded Mining Capacity

1. Recent Equipment Installations:

• The new Bitmain Antminer T17+ machines join the 750 Bitmain Antminer S17+ machines (73 TH/s) recently installed at HIVE’s Quebec facility.
• Combined, these next-generation mining machines contribute to a total hash rate of approximately 118 petahashes per second (PH/s).

2. High Mining Margins:

• The advanced equipment is operating with an estimated gross mining margin of over 40%, ensuring profitability even amid Bitcoin’s fluctuating market conditions.

Maximizing Facility Efficiency

HIVE has taken several steps to optimize its 30-megawatt (MW) Quebec facility:

1. Renewable Energy Utilization:

• The facility leverages low-cost, renewable electricity, aligning with HIVE’s focus on sustainable operations.

2. State-of-the-Art Infrastructure:

• Features include HVAC systems, electrical infrastructure, and triple redundancy systems for power and internet connectivity, ensuring uninterrupted mining operations.

3. Skilled Workforce:

• A dedicated operational team oversees the facility, ensuring maximum uptime and efficiency.

Preparing for Bitcoin Halving Events

HIVE Blockchain strategically positioned itself ahead of the May 2024 Bitcoin halving, which reduced block rewards for miners:

1. Upgraded Mining Equipment:

• By investing in next-generation mining rigs, HIVE has ensured sustainable operations with positive gross margins despite reduced rewards.

2. Long-Term Strategy:

• HIVE is already planning for the next Bitcoin halving, anticipated in 2028, by continuously upgrading its infrastructure and equipment to maintain competitiveness.

Why Quebec? HIVE’s Strategic Choice

1. Low-Cost Renewable Energy:

• Quebec offers one of the lowest electricity rates globally, powered predominantly by hydroelectric energy, making it an ideal location for energy-intensive Bitcoin mining.

2. Environmental Commitment:

• Using renewable energy aligns with HIVE’s mission to reduce the environmental impact of cryptocurrency mining.

3. Infrastructure Advantage:

• The region’s robust power grid and favorable climate conditions enhance operational efficiency by reducing cooling costs.

Impact of HIVE’s Expansion

HIVE’s Broader Vision

HIVE Blockchain’s expansion in Quebec aligns with its broader strategy to:

1. Scale Operations:

• Increase mining capacity while maintaining efficiency and sustainability.

2. Enhance Profitability:

• Leverage cutting-edge technology to maximize returns on investment.

3. Lead the Green Mining Movement:

• Set an industry example by prioritizing renewable energy and environmentally conscious practices.

Conclusion

HIVE Blockchain’s latest investment in Bitmain Antminer machines demonstrates its dedication to staying at the forefront of the Bitcoin mining industry. By leveraging renewable energy, advanced technology, and strategic planning, HIVE not only boosts its hash rate but also strengthens its position as a leader in sustainable cryptocurrency mining.

As Bitcoin’s mining dynamics continue to evolve, HIVE’s proactive approach ensures it remains well-prepared for future challenges and opportunities.

Learn more about HIVE’s role in shaping the future of green Bitcoin mining in our latest industry report.