Publicly traded crypto mining firm HIVE Blockchain Technology has signed an agreement to purchase ASIC chips from semiconductor manufacturer Intel that will be used in their new custom mining rigs.
HIVE has arranged for a third-party custom design manufacturer to build the new equipment, integrating Intel chips into new air-cooled bitcoin mining rigs.
HIVE expects that the new equipment will nearly double its Bitcoin mining computing power, from 1.9 to 3.8 Eh/s. They will arrive and be put into service one after another from the second half of 2022.
Intel claims in its patent for a chip called "Bonanza Mine" that the chip can also reduce the power consumption of mining operations by 15%. The reduction in electricity usage may allow HIVE to use more devices, helping it further increase its computing power contribution.
Aydin Kilic, HIVE’s president and chief operating officer, said these new devices are important for the future growth of the company and its contribution to the network’s computing power. He said the company is committed to “enabling these next-generation blockchain accelerators within [HIVE’s] green energy infrastructure.” HIVE Executive Chairman Frank Holmes added:
"Intel's commitment to challenging the status quo and commitment to energy-efficient products aligns well with our ESG and clean energy commitments."
Currently, New York State and some countries around the world are considering banning Bitcoin mining in the name of protecting the environment and power supply. HIVE may have shielded its new Texas facility from such complaints by using a facility powered by renewable energy owned by digital infrastructure company Compute North.
HIVE currently has mining operations in Canada, Iceland, and Sweden, where it mines BTC, ETH, and ETC. The Texas operation will be its first in the United States.
Application-specific integrated circuit (ASIC) chips are custom-made for specific purposes. In the case of Bitcoin mining, they are designed to perform complex mathematical equations in order to create new blocks on the chain.
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