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Bitcoin Mining Firm HIVE Blockchain Doubles Its Hashrate

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Fri, 11/06/2020 - 16:08
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Alex Dovbnya
Publicly-listed company HIVE Blockchain drastically expands its Bitcoin mining capacity
Bitcoin Mining Firm HIVE Blockchain Doubles Its Hashrate
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Canadian mining firm HIVE Blockchain has announced the massive purchase of 1,240 MicroBT WhatsMiner M30S Bitcoin miners in a Nov. 6 press release.

With this next-generation equipment, the publicly-traded company has managed to double its aggregate hash power from 116 petahash per second (PH/s) to 229 petahash per second (PH/s).

The collective cost of all newly purchased Bitcoin machines is $3.4 mln. HIVE funded this massive increase in production capacity through its cash reserves.

HIVE Blockchain's interim executive chairman, Frank Holmes, claims that his company plans to increase its operating hashrate to 1,000 petahash per second (PH/s) within a year:

The vision of the Company is to achieve an aggregate operating hash power of 1,000 PH/s within the next 12 months.

Throughout 2020, HIVE has also acquired 2,196 miners from Bitmain before purchasing its biggest batch of ASICs to date from the upstart rival of the Beijing-based mining giant.

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In April, HIVE inked a $2.8 mln deal with its competitor Cryptologic, acquiring an existing mining facility in Quebec.

Apart from mining Bitcoin, it is considered to be one of the largest Ethereum miners in the world, with huge GPU facilities in Sweden and Iceland. According to its audit results, HIVE mined 32,000 ETH in the third quarter of 2020 alone.

The Vancouver-based company made its debut on the Toronto Stock Exchange (TSX) back in September 2017 under the HIVE ticker.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.