Green Energy Focused Bitcoin Miner Hive joins the North American mining pool

Following approval to list on the Nasdaq, Canadian company Hive Blockchain Technologies purchased over 3,000 bitcoin (BTC) mining devices to participate in the east-west transition of bitcoin mining.

The 3,019 MicroBT M30S mining equipment acquired as part of the transaction was acquired by the subsidiary of Digital Currency Corporation (DCG) Foundry Digital LLC and was located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will receive cash and 1.5 million Hive rights, according to an official announcement.

Hive’s new hash power will join the Foundry USA team, which includes Blockcap, Hut8, Bitfarms and Foundry as participants.

Given the massive migration of mining forces from China to the US and Canada, Frank Holmes, executive chairman of Hive, said the company’s entry into the North American mining pool drives the company’s goal of increasing transparency and accountability to partners.

“We are excited to partner with Hive for the Foundry USA Pool as we continue to do our part to secure the global Bitcoin mining network,” added Mike Colyer, CEO of Foundry.

Related: Hive Blockchain Technologies Approved For Nasdaq Listing

The announcement said that the addition of new miners will add a combined hash power of 264 petahashes per second (PH / s), increasing Hive’s total active hash rate by 46% to around 830 PH./s elevated. Based on the current difficulty level and Bitcoin price, the newly improved mining setup will generate an additional $ 80,000 daily income for Hive.

Hive is known for its green energy-based mining efforts. The company has green energy data center facilities in Canada, Sweden and Iceland. The company recently sold its activities in Norway due to legal challenges.