HIVE Blockchain Technologies, a Canadian publicly-traded ether (ETH) mining house, has announced on March 30 the acquisition of a dedicated cryptocurrency mining operation with access to 30 megawatts of low-cost green power.

The transaction was valued at CAD $four million (USD $two.eight M). The facility, leased by Cryptologic Corp, is located in Lachute, Quebec.

The firm intends to aggrandize its total available power capacity globally to approximately 50MW, whose mining activities in Europe are focused on the Ethereum network, while Bitcoin miners will be supported in Quebec's facility.

Giving priority to the green power

According to Frank Holmes, interim executive chairman of HIVE:

"The acquisition provides us with an advanced, operating Bitcoin mining facility gear up to transition to next generation mining hardware with admission to some of the lowest cost electricity on the planet. The toll of US$95,000 per MW is less than half the industry standard build price per MW."

HIVE hopes to add flexibility for futurity expansion plans. The business firm already has a presence in Sweden.

Every bit detailed by the Canadian firm, the facility offers nigh $0.04 / kWh in electricity costs, and the electrical infrastructure expects to provide triple back-up systems for power and internet connectivity, operational staff, and approximately 14,000 Bitmain S9 miners that are currently installed.

Speaking with Cointelegraph, Holmes highlighted some reasons backside expanding into Quebec:

"A blend of factors makes Quebec a very attractive location for us: geographical diversification, competitive green energy costs, the cost of skilled labor and VAT costs. The acquisition provides united states direct control of our destiny, including significant capacity for expansion and flexibility for our futurity operations. And of course, the positive outlook for blockchain adoption is a reason for our expansion."

HIVE's interim executive chairman clarifies that the facility operatesentirely onrenewable hydroelectricity, thus maintaining 100% green energy. Likewise, he added that their GPU-based resources provide flexibility to place and focus calculating resource on existing and new cryptocurrencies as they become more profitable to mine.

Ether mining expansion in Sweden

The news comes after HIVE Blockchain Technologies announced on March 6, the two-stage expansion of its Ether mining operations by more than 20% at the company's facility in Sweden.

In an interview with Cointelegraph, Holmes commented on the company's intentions to improve the profitability of the Iceland facility, as they have done in Sweden.