• In the United States, HIVE Blockchain has signed an agreement to purchase Intel’s new mining chips

  • HIVE Blockchain, a Canadian cryptocurrency miner, announced on Monday that it had agreed to purchase Intel’s latest ASIC processors for use in mining equipment. The agreement was part of HIVE’s ambition to grow into the United States, according to the company.

    In addition, the business announced a preliminary agreement with mining infrastructure provider Compute North to host 100 megawatts of mining capacity at a Texas renewable energy facility.

    The Intel agreement will roughly double HIVE’s BTC mining rate.

    HIVE stated that the new equipment will be delivered beginning in the second half of 2022 and, once installed, will increase its Bitcoin mining hash rate by up to 95 percent. The miner also stated that it had partnered with an original design manufacturer to create custom equipment utilizing Intel’s chips.

    At the moment, Hive mines Bitcoin, Ethereum, and Ethereum Classic. As of December 31, its total liquid BTC and ETH assets were at around $168 million.

    When Intel revealed the new chips last month, it represented the company’s first venture into blockchain technology. The chipmaker claimed that the new silicon chips will outperform conventional mining technology by over 1000 times.

    Argo Blockchain and Jack Dorsey’s BLOCK Inc will also among the first to receive the upgraded CPUs later this year, according to Intel. ASICs, or application-specific integrated circuits, are chips designed for very specialized uses, in this instance crypto mining.

    Hive enters the United States.

    HIVE’s agreement with Compute North represents the company’s first foray into the United States, according to the company. Given current worries about the carbon footprint of cryptocurrency mining, the enterprise will be totally powered by renewable energy.

    The company’s shares was listed on the Nasdaq exchange in the United States last year. Its major listing is on the Toronto exchange in Canada. Currently, the company has data centers in Canada, Sweden, and Greenland.

    What's your reaction?