#CryptoCorner: HIVE (TSXV: $HIVE.V) Increases Mining Capacity with Order of 1,090 Bitmain Antimers, Riot Blockchain (NasdaqGS: $RIOT) Improves BTC Production
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Stocks discussed: (TSXV:HIVE) (NasdaqGS:RIOT)
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has ordered 1,090 Bitmain Antminer T17+ SHA 256 mining machines as it continues to scale up next generation mining power at its 30 megawatt capacity, green energy-powered bitcoin mining operation in Quebec acquired in April. According to the press release, this new equipment is expected to be installed later this month. This comes as an addition to the 750 Bitmain S17+ Antminer machines already installed and operational at the company’s Quebec facility, and brings estimates of its aggregate operating hash rate to be “approximately 118 PH/s by the end of June.” At this time of the company’s acquisition of the Quebec facility, HIVE’s Interim Executive Chairman, Frank Holmes, commented:
"The acquisition provides us direct control of our destiny, including significant capacity for expansion and flexibility for our future operations. To that end, we have exercised an option to extend the term of the Facility lease to November 2025 , and we plan 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. Additionally, we are currently investigating the potential to host third-party miners to maximize utilization of the Facility's power capacity.”
Riot Blockchain, Inc. (NasdaqGS:RIOT) has announced continued improvements and optimization of its Bitcoin production, through the relocation of its 4,000 Bitmain S17 Pro miners from Oklahoma City to Coinmint, LLC's facility, in Massena, New York. Ashton Soniat, CEO of Coinmint, explained:
"As the largest capacity cryptocurrency mining facility in North America, Coinmint is designed to meet the needs of mining partners of Riot's caliber. We have worked hard to provide the best mining services at the lowest cost to institutional BTC miners. This partnership allows our clients to further expand upon our facilities and leverage Coinmint's low-cost base to enhance overall margins for all parties."
Additionally, Riot announced a 129 percent increase to its future aggregate operating hash rate to 567 PH/s with the purchase of an additional 3,040 Bitmain S19 Pros, bringing it to a total fleet of 7,040 next generation miners.
Crypto exchange Gemini has appointed Jeremy Ng as the Head of Asia Pacific Region, where the company plans to further expand. Ng was most recently Asia CEO at fintech firm Leonteq, and will now “be based in Singapore,” and will “be responsible for shaping Gemini's overall strategy in the region.” Gemini President Cameron Winklevoss said:
"Southeast Asia is an important part of the crypto movement. The Monetary Authority of Singapore has developed thoughtful regulation that is paving the way for further adoption and innovation. We look forward to building a presence in this major Fintech hub and the Asia Pacific region with Jeremy leading the way.”
Sam Mowers, Investorideas
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