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.