Hive Blockchain Technologies Ltd, a Canadian cryptocurrency mining company that recently listed on the Nasdaq, has strengthened its arsenal with a $66 million purchase of graphics processing units (GPUs).
In its newsletter sent Thursday morning, Hive said it has joined the Nvidia Partner Network (NPN) Cloud Service Provider program and entered into purchase agreements for Nvidia GPUs. It did not specify the number of units nor the model.
Following China’s recent crackdown on crypto mining, GPUs have dropped in price. Nvidia will deliver the data center-grade GPUs to Hive over the course of the year, with shipments arriving each month.
In 2017, Hive became the first cryptocurrency mining company with a green energy and ESG (environmental, social and governance) strategy to go public. Since then, its data center facilities in Sweden, Canada, and Iceland have been cloud-mining BTC and ETH, both of which the company keeps on its balance sheet.
The “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,” said Frank Holmes, Hive’s executive chairman, in the newsletter.
Joining the Nvidia Partner Network will give Hive access to Nvidia’s ecosystem, partners, customers and industry expertise which the mining firm hopes to use to transition towards a better computing infrastructure that brings more resources from the cloud.