Hive Blockchain elevates budget for hardware inventory

Hive Blockchain makes enormous hardware purchases
  • Hive Blockchain recently declared its extension over its standard capacity goal of ASIC
  • The new hardware rigs are bound to surge the operative hash power of Hive
  • Hive has planned and arranged for the delivery of new equipment across eight tranches this year

Hive Blockchain Technologies Ltd. functions as a cryptocurrency mining firm. The company verifies the transaction on networks of blockchains. Moreover, it bridged the gaps between crypto and conventional capital markets.

Announcement of exceeding ASIC capacity goal

Hive Blockchain recently declared that it crossed over its capacity goal of ASIC. The set capacity goal exists at 1,000 petahash per second (PH/s). The purchase of 6,400 Canaan AvalonMiner resulted in this respective extension.

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The new hardware rigs will surge the operative hash power of Hive once they are put into utility. The increment will account for an additional 576 PH/s. It will automatically bring the total accumulative operating hash rate of block reward miners for ASIC mining to 1,229 PH/s.

Surging hope of BTC and ETH miners

The recent order is almost double the count of 3,500 machines Hive purchased in 2020. The BTC and ETH miners are hoping to approach 2,000 PH/s in operating hash rate by 2022. However, Hive refutes to reveal its details, such as prices. 

Hive has planned and arranged for the delivery of new equipment across eight tranches this year. This respective process is all set to begin in May. Canaan will supply 500 miners in May and June. Additionally, 900 miners will be delivered every month in 2021.

Record aggressive purchases of Hive

The latest declaration is a prolongation of the intensive actions that Hive is known for. The new year has proved the same. The company announced that it had bought 4,180 MicroBT WhatsMiner in January. Alongside, it also purchased M31S+ next-generation miners during the same period.

The operational cash flows were strong enough to fund the respective order. It further elevated the aggregate operating hash power of Hive by 334 petahash per second (PH/s). Besides, the equipment promises excellent potential. There is a possibility for delivering nine tranches beginning from April.

This month, Hive revealed its plan to close a non-brokered exclusive placement of unsafe debentures. This closure was explicitly done for aggregate gross profits of $15 million with U.S. Global Investors, Inc.

Hive’s current splurge is among the many massive ASIC hardware purchases over the last half of the year. However, the trend seems to be on rage as various other publicly listed companies have declared similar investments. 

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Andrew Smith
Andrew is a blockchain developer from his education and developed his interest in the cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer.

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