Shares of HIVE Blockchain Technologies Ltd. (HIVE) surged 12.26% in pre-market trading on Sunday, following the announcement of a significant mining equipment sale to Canaan Inc. (CAN), a leading provider of high-performance computing solutions.
According to the deal, HIVE's Singapore subsidiary has agreed to sell 6,500 Avalon A1566 digital currency mining rigs to Canaan. The first batch of 500 machines has already been delivered and is scheduled for installation, while the remaining units will be shipped in four monthly installments from December through March.
This transaction represents a major milestone for HIVE, as it not only generates substantial revenue but also solidifies its position as a prominent player in the cryptocurrency mining industry. The sale underscores the growing demand for efficient and reliable mining hardware, as well as the confidence that established companies like Canaan have in HIVE's products and operations.
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