HIVE Blockchain acquires Quebec facility for $2.8M

01 Apr 2020
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Hive Blockchain Technologies has expanded its digital currency processing capacity with its latest acquisition. The company announced that it had acquired a Canadian facility for C$4 million ($2.8 million) in cash and stocks. The facility has access to low cost green energy and is a strategic acquisition for HIVE as it seeks to expand its footprint in the transaction processing industry.

HIVE, which is listed on the Toronto Stock Exchange, revealed that it had signed a definitive agreement to acquire the facility from Cryptologic Corp. in a press release. The 30-megawatt facility is located in Lachute, Quebec, and has access to some of the lowest cost electricity in the world. It currently has some 14,000 Bitmain S9 miners.