Hive Blockchain eyes double hash rate with Intel mining chips

Block reward mining agency Hive Blockchain Applied sciences (TSXV:HIVE | OTCQX:HVBTF | FSE:HBF) has signed a cope with tech big Intel to accumulate models of its new high-performing block reward mining chips. Hive will incorporate Intel’s chips in its new {custom} mining gadgets, estimating that they might double its hash fee.

Hive announced the provision settlement on March 7, revealing that Intel’s chips will likely be included into its state-of-the-art mining gear, which is being custom-built for the corporate.

The corporate entered into an settlement with an unique design producer with experience in electronics manufacturing. This producer will combine the Intel chips into an air-cooled mining system. Hive expects the miners to be delivered inside a 12 months, beginning within the second half of 2022. 

As soon as the gadgets are fired up, Hive expects its manufacturing to nearly double stating: “…if they’re all put in, could be an anticipated enhance of as much as 95% in our combination Bitcoin mining hashrate from 1.9 Exahash per second.”

The chips, often known as Bonanza Mine, have been unveiled by Intel in February in an try to interrupt right into a market that has been dominated by a couple of corporations, led by Bitmain and MicroBT. Although extremely anticipated, they did not dwell as much as expectations, with their efficiency being billed as manner beneath the dominant ASIC chips presently available in the market.

Shortly after, Intel introduced that it was engaged on the second technology of its chip, which might carry out significantly better than its predecessor. Hive will likely be getting this second technology Bonanza Mine chip, as will different miners, together with Griid and London listed Argo Blockchain (LSE: ARB).

“Intel’s energy-efficient and excessive efficiency blockchain accelerator is predicted to cut back our energy consumption over present ASIC miners in the marketplace,” Hive President and COO Aydin Kilic acknowledged, commenting on the deal.

“Previously 12 months HIVE has been strategically evaluating its path ahead for development available in the market and we’re very happy to broaden our Bitcoin mining program with Intel options. Intel’s dedication to difficult the established order and dedication to power environment friendly merchandise aligns very effectively with our ESG and clear power dedication,” govt chairman Frank Holmes added.

Hive additionally introduced that it had entered right into a Letter of Intent with Compute North to deploy 100 megawatts of miners in Texas powered by renewable power.

A 12 months in the past, the corporate purchased 6,400 Canaan AvalonMiner 1246 next-generation miners, revealing it had already exceeded its capability aim of 1000 PH/s.

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