Hive Blockchain announced a new purchase to extend the mining capacity in 2021. The company has bought 6,400 new generations Bitcoin miners from Canaan AvalonMiner. With the recent acquisition, the mining capacity for HIVE increases to over 1,000 Petahash per second (PH/s). The TSX.V-listed company will use the added mining capacity for mining Bitcoin and Ethereum that indeed is great news for shareholders.
Added Capacity for Green Mining
Mining has become a profitable business in many regions. Many companies have received regulations and licenses from mining Bitcoin or other cryptocurrencies and increasing their revenue. Many of them have big investors that help them buy more mining hardware and increase the hash power. There are many public companies among them, too. HIVE is one of those companies. It has many data centers for mining in Canada, Sweden, and Iceland.
HIVE claims that the energy for mining Bitcoin is green. After so much criticism about Bitcoin mining’s harmfulness to the environment, many companies have decided to use green energy for that purpose. HIVE has been thriving in doing so and also satisfying shareholders.
The recent purchase by HIVE adds to its current Bitcoin capacity. The company has planned a 1,000 PH/s capacity for 2021. 6,400 new miners from Canaan AvalonMiner will help it achieve 1,229 PH/s by the end of the year. New miners will be delivered to Hive in multiple sets. According to the announcement:
“Based on the orders that have been placed, this new equipment is expected to be delivered in 8 tranches in 2021, with 500 miners delivered in May and June and 900 miners delivered each month in the remainder of calendar 2021 commencing with the July delivery.”
The new purchase from HIVE has placed them ahead of planning for increasing the mining power. The company is now thinking about more capacity goals by the end of 2021. It talks about 2,000 PH/s mining capacity as the new plan.
The logistic problems that emerged in 2020 because of the COVID-19 pandemic have affected the Bitcoin miner industry. HIVE says that the issue affected their buying procedure. After all, new miners will come to the mining farms in 2021.
Bitcoin mining is becoming an industry with active players like HIVE. Many companies joined this movement in 2020. There was considerable growth in mining farms in 2020 in Iran, too. Because of the cheaper electricity in that country, many companies have chosen Iran for their mining farms. But the government have stopped their operations in the past weeks because of the pressure on the electricity network. Companies like HIVE that use green energy for mining can be the solution for this challenge.