$HIVE to Open New Cryptocurrency Mining Data Centre in Sweden

HIVE Blockchain Technologies Ltd logo(TSX.V:HIVE)

HIVE Blockchain Technologies Ltd. has entered into a legally binding letter agreement dated October 23, 2017 with its largest shareholder Genesis Mining Ltd. under which the Company will finance the construction of a cryptocurrency mining data centre in Sweden. The Sweden Data Centre will be a newly constructed GPU mining facility with an anticipated completion date of December 2017. The Company’s cryptocurrency mining capacity or hashpower is expected to increase by approximately 175% with the addition of the Sweden Data Centre.

The Sweden Data Centre will be constructed by Genesis for consideration of an estimated US$22 million. Pursuant to a master services agreement between the Company and Genesis, Genesis will be responsible for hosting, maintenance and related services for the Sweden Data Centre for a monthly fee.

“With the help of Genesis, Sweden represents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities.  HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland. We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency.”

-Harry Pokrandt, CEO and President of HIVE