Hive Blockchain Technologies Ltd, a Canadian cryptocurrency mining firm that lately listed on the Nasdaq, has strengthened its arsenal with a $66 million buy of graphics processing items (GPUs).
In its newsletter despatched Thursday morning, Hive mentioned it has joined the Nvidia Partner Network (NPN) Cloud Service Provider program and entered into buy agreements for Nvidia GPUs. It didn’t specify the variety of items nor the mannequin.
Following China’s latest crackdown on crypto mining, GPUs have dropped in value. Nvidia will ship the info center-grade GPUs to Hive over the course of the 12 months, with shipments arriving every month.
In 2017, Hive grew to become the primary cryptocurrency mining firm with a inexperienced vitality and ESG (environmental, social and governance) technique to go public. Since then, its information middle amenities in Sweden, Canada, and Iceland have been cloud-mining BTC and ETH, each of which the corporate retains on its steadiness sheet.
The “funding in Nvidia GPUs strengthens Hive’s skill to stay nimble and offers us the facility to pivot on this ever altering and dynamic business,” mentioned Frank Holmes, Hive’s government chairman, within the e-newsletter.
Joining the Nvidia Partner Network will give Hive entry to Nvidia’s ecosystem, companions, prospects and business experience which the mining agency hopes to make use of to transition in the direction of a greater computing infrastructure that brings extra assets from the cloud.