HIVE Blockchain Buys 6,400 New Bitcoin Miners to Expand Capacity
Hive Blockchain announced a new purchase to expand mining capacity in 2021. The company purchased 6,400 next-generation Bitcoin miners from Canaan AvalonMiner. With the recent acquisition, HIVE's mining capacity increases to more than 1,000 Petahash per second (PH / s). The TSX.V listed company will use the additional mining capacity to extract Bitcoin and Ethereum, which is indeed great news for shareholders.
Additional capacity for green mining
Mining has become a profitable business in many regions. Many companies have received regulations and licenses to mine Bitcoin or other cryptocurrencies and increase their income. Many of them have large investors that help them buy more mining hardware and increase hashing power. There are also many public companies among them. HIVE is one of those companies. It has many data centers for mining in Canada, Sweden and Iceland.
HIVE claims that the energy to mine Bitcoin is green. After so much criticism about the harmfulness of Bitcoin mining to the environment, many companies have decided to use green energy for that purpose. HIVE has prospered in doing so and has satisfied shareholders as well.
HIVE's recent purchase adds to its current Bitcoin capacity. The company has planned a capacity of 1,000 PH / s by 2021. 6,400 new miners from Canaan AvalonMiner will help it reach 1,229 PH / s by the end of the year. The new miners will be delivered to Hive in various sets. According to him ad:
“Based on the orders that have been placed, this new equipment is expected to be delivered in 8 tranches in 2021, with 500 miners delivered in May and June and 900 miners delivered each month in the rest of the 2021 calendar starting with the July delivery . »
HIVE's new purchase has put them ahead of planning to increase mining power. The company is now thinking of more capacity targets for the end of 2021. It talks about 2,000 PH / s mining capacity as the new plan.
The logistical problems that arose in 2020 due to the COVID-19 pandemic have affected the Bitcoin mining industry. HIVE says the problem affected its purchasing process. After all, new miners are coming to mining farms in 2021.
Bitcoin mining is becoming an industry with active players like HIVE. Many companies joined this movement in 2020. There was also considerable growth in mining farms in 2020 in Iran. Due to the cheaper electricity in that country, many companies have chosen Iran for their mining farms. But the government has halted operations in recent weeks due to pressure on the power grid. Companies like HIVE that use green energy for mining can be the solution to this challenge.