Shares of HIVE Blockchain Technologies Ltd. (HIVE) surged 16.57% on Monday, driven by a groundbreaking deal that positions the company as a significant player in the cryptocurrency mining industry.
HIVE announced late Sunday that its Singapore subsidiary has agreed to sell 6,500 Avalon A1566 digital currency mining rigs to Canaan Inc. (CAN), a leading provider of high-performance computing solutions. The first batch of 500 machines has already been delivered and is scheduled for immediate installation, while the remaining units will be shipped in four monthly installments from December 2024 through March 2025.
This transaction represents a major milestone for HIVE, as it not only generates substantial revenue but also solidifies the company's 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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