Swedish Ethereum mining farm will increase capacity to 25 MW

by in Cryptocurrency News

HIVE mining Ethereum farm

Despite the adverse situation in the crypto market, Canadian HIVE Blockchain Technologies will expand the capacity of its mining farm in Sweden by 20% over the next six months, writes Finance Magnates.

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They plan to expand the facility by 10% without hiring additional employees, continuing to interact with local energy suppliers and the Blockbase Mining Group installation operator.

The cost of new equipment and facilities, according to the company’s calculations, will be about $200,000. This, however, is much less than the $3.2 million that HIVE invested in the launch of the facility.

A 20.4-megawatt farm operates in northern Sweden and uses only clean energy from a hydropower plant.

Frank Holmes, Interim Executive Chairman of HIVE, said that they firmly believe in the future of Ethereum mining and therefore strengthen and maximize their core business.

The company expects to implement the ProgPoW solution for Ethereum this year, which will make mining on ASIC devices ineffective and, accordingly, increase the profitability of their facilities.

Despite the optimism, the new algorithm is controversial in the community, part of which has signed a petition calling for refusal to activate the ProgPoW code.

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Recall, that 3 days ago as a result of another recalculation, the complexity of the first cryptocurrency's mining had risen to a new historical maximum, reaching an indicator of 16.55 trillion hashes. The previous record level of 15.44 T held since January 29.