HIVE to Launch Cloud Mining Installation in September, According to Cryptovest

HIVE Blockchain Technologies announced on Wednesday its plans to launch 200 Petahashes (PH) of cloud mining power this September, following an agreement with Genesis Mining. This addition of 200 PH of SHA-256 mining capacity was originally outlined in a December 2017 arrangement between the two companies. Initially, the plan was to expand capacity by building a large-scale facility in Sweden. However, the revised agreement now focuses on delivering the 200 PH through a cloud mining approach until the mining rigs are received in the coming year.

The cloud mining setup allows HIVE to take advantage of lower operational costs compared to constructing and maintaining a large facility in Sweden. This approach also provides HIVE with increased flexibility in its operations.