$HIVE expands hashpower by over 70% with Second Data Centre


Hive & GenesisHIVE Blockchain Technologies Ltd. (TSX.V:HIVE) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by GMP Securities L.P., pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 20,000,000 common shares of the Company  at a price of C$1.50 per Share for aggregate gross proceeds of C$30,000,000.

The net proceeds of the Offering are expected to be used for the purchase of the Second Data Centre.

HIVE also announced that it has entered into a legally binding letter of intent with its 30% shareholder Genesis Mining Ltd. under which the Company and Genesis intend to move forward with the purchase, sale and maintenance of an additional cryptocurrency mining data centre located in Reykjanes, Iceland.

HIVE’s cryptocurrency mining capacity or hashpower is expected to grow by over 70% with the Second Data Centre. The Second Data Centre will be acquired from Genesis for consideration of C$5,000,000 and 2,000,000 common shares of the Company, as well as a revision of the monthly fees pursuant to the MSA to support the Second Data Centre.

“This transaction significantly expands HIVE’s mining capacity for minimal dilution to existing shareholders. We are pleased to strengthen our partnership with Genesis Mining and consolidate Iceland, a leading jurisdiction for cryptocurrency mining due to its low energy costs, cool climate and reliable Internet connectivity.”

-Harry Pokrandt, CEO of HIVE