Shares of HIVE Blockchain Technologies Ltd. (HIVE) soared nearly 6.3% in pre-market trading on Monday, driven by a groundbreaking deal that positions the company as a major player in the booming cryptocurrency mining industry.
HIVE announced that its subsidiary in Singapore has agreed to purchase 6,500 Avalon A1566 mining rigs from Canaan Inc. (CAN), a leading provider of high-performance computing solutions. The first batch of 500 machines has already been delivered, with the remaining units scheduled for shipment in four monthly installments through March 2025.
This transaction represents a significant milestone for HIVE, as it not only generates substantial revenue but also solidifies the company's position as a major force in the crypto mining sector. The deal underscores the growing demand for efficient and reliable mining hardware, as well as the confidence that established companies like Canaan have in HIVE's operations and products.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.