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Vancouver, Canada –based crypto mining firm HIVE Blockchain Technologies announced that it has signed a deal to buy ASIC chips from Intel. The company expects that the additional hardware would allow it to almost double its Bitcoin (BTC) mining hashrate.
“We are announcing a supply agreement with Intel Corporation to purchase new high performing ASIC chips that will be incorporated into state-of-the-art mining equipment that will be custom-built for HIVE,” the company said in a March 7 blog post.
Hive has entered into a manufacturing agreement with an original design manufacturer (ODM) that will integrate the Intel chips into an air-cooled Bitcoin mining system. The completed miners will be delivered over a one-year period starting in the second half of 2022 until the first half of 2023.
The company expects to significantly boost its Bitcoin mining capacity once all the crypto miners are up and running next year. Hive said that the new hardware will increase its aggregate BTC mining hashrate by up to 95 percent from the current 1.9 Exahash per second.
“After months of careful planning, we are very excited to take this step forward with a global technology leader like Intel,” Hive President and COO Aydin Kilic said. “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.”
In the patent for its new chips called Bonanze Mine, Intel said that the hardware would reduce power consumption by around 15 percent, according to Cointelegraph. This would make Hive’s Bitcoin mining operations more energy-efficient and allow the firm to increase its hashrate by employing more mining rigs.
“In the past year HIVE has been strategically evaluating its path forward for growth in the market and we are very pleased to expand our Bitcoin mining program with Intel solutions,” Hive Executive Chairman Frank Holmes said. “Intel’s commitment to challenging the status quo and commitment to energy-efficient products aligns very well with our ESG and clean energy commitment.”
