Hive Blockchain Acquires 50 MW Atlantic Canada Crypto Mining Operation
On February 25, 2021 HIVE Blockchain Technologies Ltd. (the “Company” or “HIVE”) announced that is had signed a Share Purchase Agreement with GPU.One Holding Inc. (“GPU One”), to expand HIVE’s Canadian footprint through the purchase of 100% of the shares of GPU Atlantic Inc. (“GPU Atlantic”). This acquisition will build long term assets on our balance sheet and complements our ESG strategy to only mine coins on the cloud from sources of low-cost surplus green energy. Further, GPU One key management with many years of deep data centre experiences will be joining the HIVE team.
With this acquisition HIVE, through its subsidiary GPU Atlantic, will be the owner of a 50 megawatt (“MW”) substation and a data centre campus in Grand Falls, New Brunswick, with a dedicated cryptocurrency mining operation with access to 50 MW of low-cost green power, for a total purchase price of approximately C$25.0 million (the “Acquisition”).
HIVE is pleased to announce that as part of the Acquisition it will retain key employees of GPU One to lead GPU Atlantic; Gabriel Ibghy, Vladimir Plessovskikh, William (Bill) Gray and Iggy Lai.
HIVE Blockchain Technologies Ltd. is a growth oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art green energy-powered data centre facilities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum continuously on the cloud. Our deployments provide shareholders with exposure to the operating margins of digital currency mining as well as a portfolio of crypto-coins.
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