HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) Stock Consolidates After The Big Move

HIVE Blockchain Technologies Ltd (NASDAQ:HVBT) has announced purchase and hashing of 3,019 MicroBTWhatsMiner M30S dedicated mining computers, or “miners”. The machines, having a total of 264Petahash per second hash power, will integrate miners in HIVE’s systems and augment the company’s overall Bitcoin operating hashrate by about 46%.

This would push HIVE’s aggregate operating hash rate to 830 PH/s. The miners are located in Lachute, Quebec and Grand Falls, New Brunswick are being purchased from Foundry Digital LLC, a wholly owned subsidiary of the Digital Currency Group focusing on digital assets’ mining and staking. HIVE will put its hashpower resources towards Foundry USA pool, with other major customers including Hut8, Blockcap and Bitfarms.

Frank Holmes, Executive Chairman of HIVE said that it would augment mining capacity without any delays. He added that entry into North American mining pool facilitates goal of greater transparency and accountability with its partners.

Mike Colyer, CEO of Foundry said that the firm’s partnership for the Foundry USA Pool will help it in securing the global bitcoin mining network.

Foundry would be given cash and 1.5 million company warrants, entitling the holder to have one common share for C$3.11 for 2 years. Holmes added that Foundry is a leader in mining space and HIVE’s investment will result in pure 100% green, low-cost energy miner.

Market Reaction:

As of 11:38, HVBT stock gained 0.60% at $2.52 with more than 1.81 million shares, compared to its average volume of 2.36 million shares. The stock had moved within a range of $2.4850 – 2.6600 after opening the trade at $2.65. Over the past 52-week, the stock has been trading within a range of $0.2200 – 5.7500.