12h | Melanie Mingas
Canada’s HIVE Blockchain Applied sciences Ltd. Has acquired GPU.ONE subsidiary GPU Atlantic in a CA$25 million deal.
As a part of the deal GPU Atlantic’s lately constructed 50MW knowledge centre campus in Grand Falls, on Canada’s East coast, is now owned by the listed cryptocurrency miner.
The totally operational facility includes a 50 MW substation, two totally operational knowledge centre buildings providing a mixed 30 MW of ready-to-plug area, and electrical infrastructure that GPU mentioned is “distinctive to cryptocurrency mining”.
Because of the facility’s low electrical energy costs, HIVE mentioned miners are anticipated to generate constructive gross mining margins below present market circumstances.
The acquisition will greater than double HIVE’s complete obtainable energy capability globally to roughly 100 MW, putting it among the many largest of any publicly-listed cryptocurrency miners, and supply important diversification to its enterprise each geographically and by blockchain community.
“This is a vital strategic acquisition for HIVE that diversifies our enterprise considerably and provides one of many business’s high knowledge centre operators to our ranks, at an opportune time, and at a lovely valuation for our shareholders,” mentioned Frank Holmes, govt chairman of HIVE.
“The acquisition offers us with full possession of a state-of-the-art and operational Bitcoin mining knowledge centre able to deploy our incoming subsequent era bitcoin mining {hardware} with entry to a number of the lowest electrical energy prices within the business,” he added.
The deal may also see “key workers” from GPU One retained to guide GPU Atlantic, together with CEO and director of authorized, Gabriel Ibghy.
Ibghy is a practising legal professional and MBA and has in depth expertise within the area of cryptocurrency mining, knowledge centre building, operations and administration.
HIVE describes itself as one of many world’s largest public miners on the Ethereum blockchain and mentioned this acquisition locations it among the many world’s bigger publicly-listed miners of Bitcoin. It owns inexperienced energy-powered knowledge centre amenities in Canada, Sweden, and Iceland which produce newly minted digital currencies like Bitcoin and Ethereum repeatedly on the cloud.
“Moreover, this acquisition additional allows HIVE to proceed in its goal of getting management of its future, together with important capability for growth and suppleness for our future operations. We now have a 50 MW knowledge centre campus to construct up and a house for our new era Bitcoin miners. We’re additionally very enthusiastic about integrating new members of the GPU One group into our ranks and deploying their in-house mining administration software program into our operations on a world scale,” mentioned Frank Holmes, govt chairman of HIVE.
