A blockchain company reinvests in their mining equipment
One company is profiting from increased mining transaction fees and reinvested in their mining equipment.
Hive Blockchain, a publicly listed blockchain technology company, recently purchased 1,240 next generation miners to increase Bitcoin mining (doubling to 229 Petahash per second) and upgraded its GPU chips to mine Ethereum in the cloud.
Year-to-date, Hive Blockchain has been aggressively reinvesting their cashflows to make opportunistic investments in mining equipment as shown in the chart below. DMG Blockchain has been selected to host these new next generation miners for Bitcoin.
DMG is a diversified cryptocurrency and blockchain platform company that is focused on the two primary opportunities in the sector — mining public blockchains and applying permissioned blockchain technology. DMG focuses on mining bitcoin, providing hosting services for industrial mining clients, earning revenues from block rewards and transaction fees, developing data analytics and forensic software products, working with auditors, law firms, and law enforcement to provide technical expertise, DMG’s permissioned blockchain technology is focused on developing enterprise software for the supply chain management of controlled products. DMG’s strategy is to become the domain experts across the business verticals it focuses on.
“DMG is excited to welcome Hive Blockchain as a client and partner. Hive has continued to demonstrate leadership and vision in the mining industry”
— DMG COO Sheldon Bennett
Hive Blockchain has also invested and upgraded their GPU chips to mine Ethereum in the cloud. They have mined 32,000 Ethereum in 3Q’2020 based on preliminary results, an increase of 7,000 relative to prior quarter. The increase was due to demand for transactions on Ethereum, specifically with Stablecoins and DeFi applications.
Hive Blockchain is the first publicly listed blockchain infrastructure company that bridges blockchain and cryptocurrencies to traditional capital markets and serves as a pure play blockchain investment for the capital markets. They own state-of-the-art green energy powered data facilities in Canada, Sweden and Iceland, which produce newly minted digital currencies.