Home Focus Stocks Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF) Increases Cryptocurrency Mining Capacity

Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF) Increases Cryptocurrency Mining Capacity

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Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF)
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Hive Blockchain Technologies Ltd.

(OTCMKTS:PRELF)

Shares of Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF) continue to trade higher in the wake of the company announcing plans to strengthen its bitcoin mining capacity. The stock was up by 15.74% in Tuesday’s trading session, resulting in a new 52-week high of $3.19 a share.

Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF)

Cryptocurrency Mining Capacity

Over the past one month, Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF) has gained more than 100% in market value as it continues to trade in a strong uptrend. For the full year, the stock is up by more than 500%. Renewed investor interest in Hive Blockchain follows the announcement that the company is set to increase its cryptocurrency mining capacity by approximately 175%.

The company has already inked an agreement with its largest shareholder, Genesis Mining, regarding finances for the construction of a cryptocurrency mining data center in Sweden.

It does not come as a surprise that investors are ramping up positions in Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF), given the amount of hype around digital currencies which has propelled bitcoin to highs of $6500.

The Sweden Data Center is to be constructed to the tune of $22 million and is expected to strengthen Hive Blockchain credentials in the cryptocurrency mining business. Chief Executive Officer, Harry Pokrandt, expects construction of the mining facility to mark the next stage in the company’s growth trajectory.

“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,” said Mr. Pokrandt.

$30 Million Financing

In addition to the construction of a Sweden cryptocurrency data mining facility, Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF) has closed on $30 million in financing through the pricing of 20 million shares in a private placement. The company has since purchased additional cryptocurrency equipment in Iceland as it continues to strengthen its mining capacity.

The second data center in Iceland was acquired from Genesis for a consideration of C$5 Million and the issuance of 2 million shares of the company’s common stock. Hive Blockchain mining capacity is up by 70% with the addition of the second facility.

Separately, Hive Blockchain Technologies Ltd. (OTCMKTS:PRELF) has granted consultants and employees of the company an aggregate of 2 million stock options with an exercise price of C$2 per stock option.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

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