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Crypto mining firm Hive purchases 3,019 Bitcoin (BTC) miners to increase its hashrate by 46%

The company expects that the new machines will generate another US$80,000 in daily income.

Image by Gerd Altmann from Pixabay

Mon, 12 Jul 2021, 15:48 pm UTC

Aside from pulling down the prices of Bitcoin (BTC), Ether (ETH), and other digital currencies, China’s recent crypto crackdown caused the exodus of mining firms from the country. Various North American mining firms are now beefing up their capacity such as Hive, which recently purchases more than three thousand miners aimed at increasing its hashrate but almost 50 percent.

Hive Blockchain Technologies announced its purchase and immediate hashing of 3,019 MicroBT WhatsMiner M30S dedicated mining computers. The company estimates that its hashrate will increase by 46 percent once all the new machines are in operation.

“These new machines have an aggregate hash power of 264 Petahash per second (PH/s),” Hive said on Monday. “The integration of these miners into HIVE's systems will be immediate upon closing and will increase HIVE's overall Bitcoin operating hashrate by approximately 46%.”

Hive projects that its aggregate operating hash rate will soar to around 830 PH/s from the currency 566 PH/s with the new 3,019 MicroBT M30S miners. The machines are already shipped to Hive’s mining facilities located in Lachute, Quebec, and Grand Falls, New Brunswick.

The company expects that the new machines will generate another US$80,000 in daily income. However, Hive warned investors that there could be a variance of plus or minus 6 percent due to the volatility of Bitcoin’s price.

The Bitcoin miners were purchased from Foundry Digital, a wholly-owned subsidiary of the Digital Currency Group. The company revealed that it will contribute its Bitcoin hashpower to Foundry USA Pool as part of its partnership.

“We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays,” Hive Executive Chairman Frank Holmes said. “Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and we're excited to be involved.”

The company also revealed plans of quickly accelerating the buildup of its Bitcoin reserves thanks to the added capacity. At the moment, Hive holds 605 BTCs in cold storage but the company did not its target amount of coins for the buildup.

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