Bitcoin News

Crypto Mining Hive Signed a $66 million GPU Subscription Agreement with Nvidia

Hive Blockchain Technologies Ltd, a Vancouver-based cryptocurrency mining company headquartered in Canada, announced on July 1 Thursday that it has signed a Graphics Processing Unit (GPU) procurement contract worth $66 million with a top-notch GPU inventor Nvidia. The announcement came officially to join the Nvidia Partner Network (NPN) cloud service provider plan.

“Joining the planning of NPN plan this time is to establish a foundation to move Enterprise Cloud services forward with services High-Performance Computing (HPC),” says Hive. Furthermore, the company said becoming a partnership with NVIDIA can facilitate Hive to use its mature ecosystem, deep industry expertise, and good cooperation and customer service system to better its computing infrastructure.

The announcement did not disclose the specific NVIDIA GPU model and related models.

Since Chinese authorities intensified crackdown actions against the Bitcoin (BTC) mining activities, GPUs have dropped in price, and the mining machines have depreciated by nearly 75% since April, as reported before.

The world’s top bitcoin mining machine manufacturer Bitmain Technology Co., Ltd. suspended the sale of mining machines worldwide in response to the Chinese government’s recent crackdown on domestic mining targetting domestic miners.

Although China continues to tighten domestic cryptocurrency mining nationally, NVIDIA will deliver data center-grade GPUs to Hive monthly for the remaining months.

Frank Holmes, the CEO of Hive Blockchain, stated that:

“Investment in Nvidia GPUs strengthens Hive’s ability to remain nimble and gives us the power to pivot in this ever changing and dynamic industry.”

Hive Blockchain Technologies Ltd became the first cryptocurrency mining company to adopt green energy and ESG strategies for the general public since 2017. Hive is not only listed on the TSX.V exchange; Hive officially has started trading under the tick of “HVBT” on the Nasdaq Capital Market Exchange.

Image source: HIVE faceobook page

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