Hive Blockchain Eyes Double Hash Rate With Intel Mining Chips
Block reward mining company Hive Blockchain Technologies (TSXV:HIVE | OTCQX:HVBTF | ESF:HBF) has signed an agreement with tech giant Intel to acquire units of its new high-performance block reward mining chips. Hive will integrate Intel’s chips into its new custom mining devices, estimating that they could double its hash rate.
Hive announcement the supply deal on March 7, revealing that Intel’s chips will be integrated into its state-of-the-art mining equipment, which is custom-built for the company.
The company entered into an agreement with an original design manufacturer with expertise in manufacturing electronics. This manufacturer will integrate Intel chips into an air-cooled mining system. Hive expects the miners to be delivered within a year, starting in the second half of 2022.
Once the devices are powered up, Hive expects its output to nearly double stating, “…if they are all installed, there would be an expected increase of up to 95% in our overall Bitcoin mining hash rate of 1.9 Exahash per second.”
The chips, known as the Bonanza Mine, were unveiled by Intel in February in a bid to break into a market dominated by a few companies, led by Bitmain and MicroBT. Although highly anticipated, they fell short of expectations, their performance being considered to be far below the mainstream ASIC chips currently on the market.
Shortly after, Intel announced that it was working on the second generation of its chip, which would be much more efficient than its predecessor. Hive will get this second-generation Bonanza Mine chip, as will other miners, including Griid and London-listed Argo Blockchain (LSE: BRA).
“Intel’s energy-efficient, high-performance blockchain accelerator is expected to reduce our power consumption compared to current ASIC miners on the market,” said Hive President and COO Aydin Kilic, commenting. the agreement.
“Over the past year, HIVE has strategically assessed its path forward for market growth and we are very excited to expand our Bitcoin mining program with Intel solutions. Intel’s commitment to challenging the status quo and commitment to energy-efficient products aligns very well with our ESG and clean energy commitment,” added Executive Chairman Frank Holmes.
Hive also announced that it has entered into a letter of intent with Compute North to deploy 100 megawatts of miners in Texas powered by renewable energy.
A year ago, the company purchased 6,400 next-generation Canaan AvalonMiner 1246 miners, revealing that it had already exceeded its capacity target of 1,000 PH/s.
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