Hive Strengthens GPU Arsenal With $66M Nvidia Buy
Hive Blockchain Applied sciences Ltd, a Canadian cryptocurrency mining firm that just lately listed on the Nasdaq, has strengthened its arsenal with a $66 million buy of graphics processing items (GPUs).
In its publication despatched Thursday morning, Hive mentioned it has joined the Nvidia Companion Community (NPN) Cloud Service Supplier program and entered into buy agreements for Nvidia GPUs. It didn’t specify the variety of items nor the mannequin.
Following China’s current crackdown on crypto mining, GPUs have dropped in value. Nvidia will ship the info center-grade GPUs to Hive over the course of the yr, with shipments arriving every month.
In 2017, Hive turned the primary cryptocurrency mining firm with a inexperienced vitality and ESG (environmental, social and governance) technique to go public. Since then, its knowledge heart services in Sweden, Canada, and Iceland have been cloud-mining BTC and ETH, each of which the corporate retains on its stability sheet.
The “funding in Nvidia GPUs strengthens Hive’s capability to stay nimble and provides us the facility to pivot on this ever altering and dynamic trade,” mentioned Frank Holmes, Hive’s government chairman, within the publication.
Becoming a member of the Nvidia Companion Community will give Hive entry to Nvidia’s ecosystem, companions, clients and trade experience which the mining agency hopes to make use of to transition in direction of a greater computing infrastructure that brings extra sources from the cloud.