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HIVE Blockchain to Boost Bitcoin Mining with Intel’s Energy-Efficient ASIC Chips

News
HIVE Blockchain to Boost Bitcoin Mining with Intel’s Energy-Efficient ASIC Chips

HIVE Blockchain has announced that it has signed an agreement with Intel for the purchase of the latter’s new energy-efficient high-performance Bonanza Mine ASIC chips. HIVE has also entered a letter of intent with Compute North to use the firm’s renewable energy to power its Texas crypto mining facility, according to a press release on March 7, 2022.

HIVE Expands Bitcoin Mining Operations 

HIVE Blockchain Technologies Ltd (Nasdaq: HIVE), the world’s first publicly-traded cryptocurrency mining company is set to significantly boost its green energy-powered bitcoin (BTC) and altcoins mining operations. 

At a time when a good number of nations around the globe have outlawed bitcoin mining activities, with several others looking to follow suit, HIVE Blockchain has inked a strategic agreement with Intel Corporation for the purchase of the firm’s newly introduced energy-efficient bitcoin mining chips.

Per a press release by the HIVE team, the high-performance application-specific integrated circuit (ASIC) chips will be incorporated into the state-of-the-art customized mining equipment that is currently being built for HIVE.

HIVE has revealed that it has also signed a manufacturing deal with an original design manufacturer (ODM) that specializes in electronics manufacturing. The ODM will see to the integration of the high performing, energy-efficient ASIC chips from Intel, into a Bitcoin mining system.

Commenting on the project, Aydin Kilic, President, and COO of HIVE reiterated that the integration of the innovative ASIC chips from Intel into the firm’s clean energy-powered bitcoin mining facility will definitely give HIVE an edge over its competitors.

“After months of careful planning, we are very excited to take this step forward with a global technology leader like Intel. HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure. This Supply Agreement coupled with the ODM manufacturing agreement creates a pathway from chip production to an ASIC miner that sets us apart from our competitors.”

HIVE Hashrate expected to Surge by 95 Percent 

To ensure the integration is as frictionless as possible, HIVE says its highly experienced engineering team will work closely with Intel and the ODM partner to integrate the entire components of the new bitcoin mining system.

If all goes as planned, the team says it expects the mining solution to be delivered by mid-2023, and the system is expected to boost HIVE’s aggregate Bitcoin mining hashrate by 95 percent from its current 1.9 exahash per second.

For those who are unaware, HIVE Blockchain is a partnership between Genesis Mining and Fiore Group. Since its launch in 2013, HIVE has established its 100 percent green energy-powered data centers and bitcoin mining facilities in Canada, Sweden, and Iceland.

In a bid to expand its mining operations to the United States, HIVE says it has entered into a non-binding Letter of Intent (LOI) with Compute North, for the supply of 100 MW of renewable energy to power its Texas bitcoin mining facility.

At press time, the price of bitcoin (BTC) is up by 2.41 percent in the past 24-hours, trading around $39,003, with a market cap of $739.59 billion, according to CoinMarketCap.