Hive partners with Intel to buy the latest ASIC BTC mining chips via a supply agreement with the company so let’s read more today in our latest Bitcoin news.
Crypto miner Hive Blockchain announced the Supply Agreement with Intel to buy the new ASIC chips and they are pitched as “high performing” equipment that can get incorporated into the rest of the mining equipment that will be custom-made for Hive. The company struck a deal with an ODM or original design manufacturer that will focus on electronics manufacturing. According to the official announcement, the deal is a part of the US expansion plans and hive also announced that the ODM will integrate Intel’s blockchain accelerators into the air-cooled BTC mining system. With this new agreement, Hive’s engineering team will work with Intel and will get its expertise for hardware and software implementation as well as an ODM partner on the systems integration.
The delivery of the miners is expected to start during the second half of 2022 and will continue for over one year. Hive estimates an increase of 95% in the aggregate BTC mining hash rate from 1.9 Exahash per second once all miners are installed. The president of Hive Aydin Kilic said that the team was excited to make the partnership with Intel after months of planning:
“HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure. This Intel 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.”
The executive added:
“Hive’s vision is to be a technology leader in the crypto-mining space, pushing the envelope in research and development initiatives, paired with hash rate analytics, to optimize the efficiency of our operations and maximize return on invested capital.”
As Hive partners with Intel, it also revealed entering into the non-binding letter of Intent with the Minnesota-based Computer North which deals with sustainable and large-scale computing infrastructure. The company intends to use 100 MW deployment at Compute North’s renewable energy sites in Texas. The miner said that its 2021-third quarter revenues witnessed an increase of 400% to a record of $68.2 million as opposed to the figures from the same quarter. Hive’s net income increased by $64 million at the end of December, marking a 7%increase from the previous quarter. During the same period, Hive mined 697 BTC and over 7,126 ETH.
Hive is known to mine BTC and other cryptos by using renewable energy. Executive Chairman Frank Holmes said that green BTC will become more valuable over time than the ones mined with coal.
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