HIVE Blockchain Technologies Ltd has recently improvised its Bitcoin mining contracts and added Marco Streng as the Vice Chairman. The company, in fact, has added a completely new chapter to its business as HIVE prepares for a transition to HIVE 2.0 from its initial start-up phase. In September 2017, the company came out as a public listed company. Since then it has worked harder to gain the recognition that it enjoys today. HIVE is known for its blockchain services with specialization in the GPU and ASIC mining space.
Recently, the company issued a note updating its ASIC mining expertise. HIVE has been operating in the ASIC mining space since 30th September 2018. According to the update, the company has amended a previously announced cloud-based deal with Genesis Group. The move is in line with the company’s efforts to reduce operational cost by 30%. The amendment became effective from 1st October 2018. The amended contract has a clause which will enable the parties involved to extend it to two years. The contract is liable to stay active for at least one year. The management of HIVE believes changes in the contract will push the company in a more profitable condition.
HIVE has also appointed the CEO of Genesis Group ‘Marco Streng’ as its Vice Chairman while Darcy Daubaras has been appointed as Chief Financial Officer at HIVE. Daubaras will replace Jessica Van Den Akker who has resigned from the post due to undisclosed reasons. Daubaras will assume the responsibilities of Chief Financial Officer immediately for signing off on HIVE’s Q2 financial statements. The management team of the company believes that the move is in the favor of the company as HIVE plans to expand its presence in the blockchain segment and strives for positive cash flow.
Marco Streng which is also the co-founder of HIVE after oining the Board of Directors team will bring with him rich experience in the blockchain infrastructure. Under his supervision, Genesis has come out as the leading hashpower provider in the cloud as well as a leading blockchain provider.
Daubaras will bring with him 20 years of experience in public company service and of course corporate accounting. Daubaras has previously worked as the Director of Corporate Accounting with Mercer International and Chief Financial Officer for Canadian listed public companies. Frank Holmes, the Interim Executive Chairman at HIVE in a statement welcomed Daubaras and Marco to the team and said that he is positive for the growth of the company under their supervision.
Commenting on the amendments made in the cloud-based service agreement with Genesis, Holmes said the amendments will enable HIVE to better focus on its mining operations which may, in turn, generate positive cash flow irrespective of current market conditions. He further said the company may now stay bullish on the long-term on the value of cryptocurrency in the long run.
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