Bitcoin Miner Hive to Purchase Intel Mining Chips – Hive Blockchain Technologies, a publicly listed mining firm, said on March 7 that it has reached an agreement with Intel to purchase additional ASIC mining chips.
Hive has also signed a non-binding letter of intent with Compute North and a deal with an original design manufacturer (ODM). Compute North’s renewable energy facilities in Texas will receive 100 MW of mining capacity, according to Hive.
Hive (TSX.V: HIVE) (Nasdaq: HIVE), a blockchain firm and mining operation, has announced a supply arrangement with Intel Corporation (Nasdaq: INTC). Hive will receive Intel’s latest ASIC mining chips, which will be used in custom-built mining equipment for the company. The blockchain startup claims to have a production deal with an ODM specializing in “electronics manufacturing.”
According to Hive’s announcement, “Hive’s engineering team will draw on its expertise in hardware and software implementation, and will work closely with Intel and the ODM partner on the systems integration.”
“These miners are expected to be delivered over a one-year period beginning in the second half of calendar 2022, with an expected rise of up to 95 percent in aggregate Bitcoin mining hashrate from 1.9 exahash per second if they are all installed.”
In addition to the Intel deal, Hive said that it had reached an agreement with Compute North to build a 100 MW mining center in Texas.
The Compute North team “shares the same commitment to utilising renewable energy that Hive has adhered to since its debut as the world’s first publicly traded crypto-miner,” according to Frank Holmes, Hive’s executive chairman.
More information regarding the 100 MW facility will be released in the future, according to Hive. Hive bought a lot of mining rigs from Canaan last year, and in mid-October, it added 40 MW of capacity to its data center complex in New Brunswick, Canada.
Hive bought another 6,500 mining equipment from Canaan in the same month. As of February 28, 2022, Hive had a balance of 2,374 bitcoin (BTC), and the company had created 244.4 BTC in the previous month.
Hive will join firms like Griid, Argo Blockchain, and Jack Dorsey’s Block (previously Square) in acquiring Intel’s ASIC chips. In mid-February, Intel unveiled its new mining chips, claiming that the circuits will outperform current competition by 1,000 times.
Intel provided participants a first peek at the ‘Bonanza Mine BMZ1’ blockchain acceleration mining chip and the ‘Bonanza Mine BMZ2’ at the International Solid-State Circuits Conference (ISSCC) last month.