Over the past weeks, Bitcoin has gone on a hugely impressive rally, and now it is close to hitting its all-time high of $20,000 per token. Yesterday, the world’s biggest cryptocurrency passed $19,000 as its utilities as storage of value and a hedge against uncertain markets seem to have been recognized by investors. There is interest from institutional investors as well. Some companies could benefit from the rally in Bitcoin and here is a look at a Canadian cryptocurrency company that investors could keep an eye on.
One of the companies that investors could consider tracking at this point is HIVE Blockchain Technologies Ltd (OTCMKTS:HVBTF). Earlier this week, the Canadian cryptocurrency company announced it signed an exclusive but non-minding MoU (memorandum of understanding) with GPU One Holding Inc. By way of this agreement, it is understood that HIVE would try to expand its presence in Canada through the possible acquisition of GPU Atlantic Inc.
As per the provisions of the MoU signed between the two parties, HIVE is going to acquire all the shares in GPU Atlantic. It is a data center campus and boasts of low cost but green power to the tune of as much as 50 megawatts. It is an important step in HIVE’s quest to expand its presence in Canada.
Mining Capacity Boosted
Earlier this month, HIVE announced that it boosted its cryptocurrency mining capacity. The company announced that it purchased as many as 1,240 MicroBT WhatsMiner M30S miners and put them to hashing immediately. It is a significant development since the rising price of Bitcoin is only going to bring more rewards for miners.
The company spent $2715 for each unit of the miner and the total cost of the purchase came in at $3.4 million. It should be noted that the entire purchase was made through the cash that the company has in hand.
The purchase of these miners is a major milestone since the hash rate is going to go up almost twofold straightaway to 229 PH/s from 116 Ph/s. The new mining equipment is going to be housed at a plant in Christina Lake in British Columbia. The plant in question is owned by DMG Blockchain Solutions Inc.
However, HIVE is not going to stop expanding its mining capacity anytime soon. The Interim Executive Chairman Frank Holmes revealed that in the next 12 months, HIVE aims to boost its mining power to 1000 PH/s.
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