Cryptocurrency, News

HIVE Buys Mining Chips From Intel As It Expands Into The US Marker

On Monday, HIVE Blockchain Ltd, a Canadian cryptocurrency mining company, announced that it has agreed to purchase Intel’s latest ASIC (Application-Specific Integrated Circuit) processors to boost its mining equipment. The agreement is a part of the company’s ambition to grow into the United States, 

In addition, the mining firm announced a prenuptial agreement with the mining technology company, Compute North to house 100 megawatts (M.W.) of mining capability at a Texas green energy plant.

Intel’s Partnership Will Roughly Increase HIVE’s Bitcoin Mining Rate

The organization stated that the new technology would be deployed in Q2 of 2022. Once installed, it will increase its BTC hash rate to about 95%. The mining company also stated that it has partnered with a good design producer to create customized equipment that will utilize the processor bought from Intel.

At the moment, Hive mines BTC, Ethereum Classic, and Ethereum. As of the 13th of December, its total liquid Bitcoin and Ether assets were at around $168 million.

When Intel revealed the new processors last month, it represented the company’s first venture into blockchain tech. The chipmaker stated that the latest silicon chips would outperform conventional mining technology more than 1000 times.

According to Intel, Argo Blockchain and BLOCK Inc, owned by former Twitter CEO Jack Dorsey, will also be the first to receive the upgraded CPUs later this year. ASICs, or application-specific integrated circuits, are chips designed for highly specialized uses, such as crypto mining.

Hive Enters The US Mining Market

According to the company, their agreement with Compute North represents its first foray into the U.S. market. As a result of the current worries about the environmental impact of cryptocurrency mining, the enterprise will be powered by green energy. Green energy is harmless to the environment.

The company’s shares were listed on Nasdaq’s exchange in the United States in 2021. Its prominent listing is on Canada’s Toronto exchange market. Currently, the company operates data facilities in Greenland, Canada, and Sweden. Expanding to the U.S. is a bold move by the company as it will have to compete with other mining companies. However, the new upgrade should give the company a head start.

HIVE Technology Limited

In 2017, HIVE Blockchain Company became the first crypto-mining company listed on the Toronto Stock Exchange Market with the ticker code HIVE. Since its inception, the firm has mined BTC and Ether using only green energy, and it has been devoted to an ESG approach. Green energy is safer for the environment and is a renewable energy source than conventional electricity, leading to the power crisis in different states.

Leave a Reply

Your email address will not be published.