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Crypto Corner Episode 474: HIVE (TSXV: HIVE) Purchases 1,240 Miners from DMG (TSXV: DMGI) and Bitfarms (TSXV: BITF) Installs 2,000 Miners Over Weekend

 

Point Roberts, WA and Delta, BC - November 9, 2020 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

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Crypto Corner Episode 474: HIVE (TSXV: HIVE) Purchases 1,240 Miners from DMG (TSXV: DMGI) and Bitfarms (TSXV: BITF) Installs 2,000 Miners Over Weekend

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Stocks discussed: (TSXV:HIVE) (TSXV:DMGI) (TSXV:BITF)

Bitcoin (BTC) has maintained much of the gains from its recent rally, trading for about $15,285 at press time, according to data from CoinMarketCap. It lost a bit of steam briefly on Saturday, when it took a dive of around $1,000, falling from around $15,500 to $14,500 in the space of a few hours. This did not last long, however, before Bitcoin started climbing back up, and reached the $15,500 mark again earlier on Sunday.

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) is expanding its bitcoin mining efforts with the announcement of a "purchase and immediate hashing of 1,240 MicroBT WhatsMiner M30S miners with an aggregate operating hash power of 113 Petahash per second (PH/s). This addition increases HIVE's aggregate operating hash rate from 116 PH/s to 229 PH/s. Frank Holmes, the company's Interim Executive Chairman, said:

"The vision of the Company is to achieve an aggregate operating hash power of 1,000 PH/s within the next 12 months."

The company also provided an Ethereum (ETH) mining update, revealing that it mined more than 32,000 Ethereum in the quarter from July 1 to September 30, 2020. This represents an increase "from the approximately 25,000 Ethereum mined in HIVE's first fiscal quarter ended June 30, 2020, and a more than 50% increase compared to the same period last year," according to the press release.

DMG Blockchain Solutions Inc. (TSXV:DMGI) has added HIVE as a hosting client, to whom it sold the previously-mentioned 1,240 M30s miners for $3.4 million. The press release indicates that this money will go toward "equipment financing charges and to potentially secure DMG's upcoming mining fleet." DMG's CEO Dan Reitzik said:

"DMG is excited to add Hive as a new hosting client and partner. This transaction strengthens DMG's balance sheet as we continue to work towards our self-mining goals, and to ensure DMG's fleet continues to be newest generation technology. We will provide an update detailing our miner purchase strategy in the near future."

Over the weekend, Bitfarms Ltd. (TSXV:BITF) saw the arrival and installation of 2,000 new generation miners at its renovated and upgraded datacentre located in Farnham, Quebec. This installation increases the company's mining operations by approximately 144 petahash per second. Bitfarms Interim CEO, Emiliano Grodzki, commented:

"November has been an amazing month for Bitfarms. Bitcoin prices have been increasing quickly, the difficulty factor recently decreased, and the Company is busy installing thousands of new miners. Bitfarms is proud to be a fundamental contributor to the global Bitcoin infrastructure and to be part of the ongoing paradigm shift. We are very excited about the future."

Sam Mowers, Investorideas

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