Hive Blockchain Technology’s Big Move
In a groundbreaking venture, publicly traded crypto mining powerhouse, Hive Blockchain Technology, has struck a deal with semiconductor giant Intel. This partnership will equip Hive with state-of-the-art ASIC chips, marking a significant upgrade in their mining capabilities.
Doubling Down on Bitcoin Hash Rate
The excitement doesn’t stop at just the partnership. Hive is set to almost double its Bitcoin mining hash rate from 1.9 to 3.8 exahashes per second (Eh/s). How, you ask? They’ve arranged for a third-party manufacturer to build custom mining devices, cleverly integrating the new Intel chips. This isn’t just a boost; it’s a mining power-up that even Mario would envy!
Getting Ready for a New Era of Mining
Hive’s new mining devices are scheduled to start rolling in during the second half of 2022. These devices are packed with features, including the fantastic ability to cut down power consumption by 15%.
Power Efficiency: A Game Changer
Thanks to the Bonanza Mine chips, the reduction in power usage means Hive can deploy even more devices. This is like adding extra ovens when you already have a full Christmas turkey in the oven—bigger output with less strain on the power supply!
Strategic Focus on Sustainable Operations
During an insightful discussion, Aydin Kilic, president and COO of Hive, pointed out that the new devices are pivotal for the company’s future expansion and hash rate contributions to the network. Their commitment to integrating these next-gen blockchain accelerators within their green energy framework signals a forward-thinking approach to crypto mining.
Alignment with Environmental Goals
Executive Chairman Frank Holmes summed it up perfectly:
“Intel’s commitment to challenging the status quo and commitment to energy-efficient products align very well with our ESG and clean energy commitment.”
Mining Among Environmental Concerns
As various states and countries contemplate banning Bitcoin mining to tackle environmental issues, Hive may just have found a loophole! Their operations in Texas, powered by renewable energy thanks to a partnership with digital infrastructure firm Compute North, could put them in a favorable position regarding future regulatory challenges.
Global Operations and Future Prospects
Currently, Hive operates in Canada, Iceland, and Sweden, mining not just Bitcoin (BTC) but also Ethereum (ETH) and Ethereum Classic (ETC). However, the upcoming Texas venture will be their debut in the United States. The horizon looks promising, and Hive seems ready to seize it armed with innovative technology!
Understanding ASIC Chips
For those scratching their heads, ASIC stands for Application-Specific Integrated Circuit. These chips are purpose-built for Bitcoin mining, equipped to tackle the complex math puzzles necessary to forge new blocks. Think of them as the elite athletes of the crypto world—designed for one focus and one focus only!
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