HIVE Blockchain Buys 3,019 Mining Machines to Increase its Bitcoin Hash Rate by 46%

1 week ago

With the new purchase of 3,019 mining computational devices, HIVE plans to increase its daily revenue by $80,000.

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Hive Blockchain Technologies Ltd, the cryptocurrency mining firm that went public in 2017, has purchased more than 3,000 mining devices. The machines, MicroBT WhatsMiner M30S, should increase the firm’s overall Bitcoin hash rate by nearly 50%.

HIVE Buys 3,019 Miners

The company announced its latest purchase in a press release on July 12th. The equipment will be put to work shortly with an aggregate hash power of 264 Petahash per second, which should increase the overall BTC hashrate from the firm’s miners by 46%.

Following the latest difficulty adjustment, which was the largest negative one in Bitcoin’s history, the newly-purchased miners should generate approximately $80,000 per day, the company estimated.

Additionally, HIVE said it will contribute its BTC hash power to Foundry USA Pool, whose major customers include Blockcap, Bitfarms, and Hut8.

“We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners.” – commented HIVE’s Executive Chairman – Frank Holmes.

Moving From East to West

Holmes also commented on the latest developments in the Bitcoin mining space, saying that the shift of mining power from the East to the West is “exciting” for his company.

More precisely, he was referring to the most recent Chinese crackdown. The nation, which was responsible for over 60% of the BTC mining until recently, went after miners a few months back, causing severe disruptions on the network.

The hash rate plummeted by more than 50% in weeks, which led to the much necessary difficulty adjustment mentioned above. In the days following the event, the metric has started to recover.

It has increased from a low of under 70 Ehash/S to just over 100 Ehash/S since the start of July. Moreover, several reports have confirmed Holmes’ words that the mining power is indeed transitioning West.

Some of the most preferred new destinations include Kazahkstan, Canada, and the US. Moreover, Miami’s mayor, Frances Suarez, even highlighted potential benefits for miners who choose the city he runs.

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