Following the China crackdown on cryptocurrency mining, Hive a Canadian blockchain technologies company has purchased some mining rigs to delve into the business of minnig in North America.
Hive aims to take advantage of the East-to-West shift in Bitcoin mining power after regulators in China have renewed efforts to crack down on the industry.
Following its Nasdaq listing acceptance, Canadian Hive Blockchain Technologies purchased over 3,000 Bitcoin (BTC) mining rigs to participate in the Bitcoin mining movement from East to West.
The 3,019 MicroBT M30S miners purchased from Digital Currency Group subsidiary Foundry Digital LLC are already installed in Hive’s facilities in Lachute, Quebec, and Grand Falls, New Brunswick.
According to an official release, Foundry will get cash and 1.5 million Hive warrants.
Hive’s increased hash power will be added to the Foundry USA Pool, which already comprises Blockcap, Hut 8, Bitfarms, and Foundry.
Hive executive chairman Frank Holmes said the company’s admission into a North American mining pool furthers the company’s goal of improved transparency and responsibility with its partners, citing the enormous shift of mining power from China to the United States and Canada.
Foundry CEO Mike Colyer commented, “We are excited to have Hive as a partner for the Foundry USA Pool as we continue to do our part in protecting the worldwide bitcoin mining network.”
According to the release, the additional miners will contribute 264 petahash per second (PH/s) of aggregate hash power, bringing Hive’s overall Bitcoin operating hash rate to about 830 PH/s.
The substantially upgraded mining arrangement would earn an additional $80,000 in daily income for Hive based on the current difficulty and Bitcoin’s price.
Hive is well-known for its work in green energy mining. Green energy-powered data centre facilities are located in Canada, Sweden, and Iceland. Due to legislative hurdles, it recently sold its Norwegian operations.