Hive Blockchain, a Canada-based bitcoin miner, has recently installed over 1,400 new mining rigs powered by Intel processors. This move is part of a larger effort to increase efficiency within the company’s mining operations. The mining rigs, known as HIVE BuzzMiners, are expected to boost the company’s bitcoin mining hash rate by approximately 95%. In total, Hive has planned to put 5,800 of these Intel-driven units into production. The company’s stock, HIVE, saw a 22% increase on Thursday following the news of the installation of the new mining rigs.
Despite a 76% decline in stock value over the past year, Hive has experienced a recent rebound with a 46% increase in the last 30 days. The company’s strategy of installing new mining rigs, along with other initiatives such as acquiring Bitmain S19j Pro miners, is part of its efforts to gain market share in the challenging crypto mining sector. Hive aims to have all 5,800 HIVE BuzzMiners manufactured, tested, and shipped by January 2023. This aggressive growth strategy comes at a time when the crypto mining industry is facing significant challenges and disruptions.
Intel’s Blockscale ASIC product has been a key component in Hive’s recent mining rig installations. Intel has signed agreements with several companies, including Block, GRIID Infrastructure, and Argo Blockchain, to utilize the Blockscale ASICs in their mining operations. These ASICs have a high hash rate of up to 580 giga hashes per second and offer efficient power consumption of 26 joules per terahash. With these advances in technology, Hive and other mining companies can improve their mining capabilities and stay competitive in the industry.
While Hive’s growth is notable, it is important to acknowledge the broader context of the crypto mining sector. Hive Executive Chair Frank Holmes highlighted the challenges facing the industry, including the influx of abandoned mining machines flooding the market. Despite these challenges, Hive remains optimistic about its future growth prospects and continues to invest in new technologies and equipment to enhance its mining operations. The partnership with Intel and the utilization of advanced ASIC products demonstrate the company’s commitment to innovation and efficiency in crypto mining.
The recent surge in Hive’s stock price indicates positive market sentiment towards the company’s growth initiatives. Investors are responding favorably to the news of the installation of the new Intel-driven mining rigs and the company’s strategic focus on expanding its mining capabilities. With a strong cash position and a clear growth strategy, Hive is well-positioned to navigate the challenges of the crypto mining sector and capitalize on emerging opportunities in the market. As the company continues to execute on its growth plans, investors will be closely watching Hive’s performance and market positioning in the evolving landscape of crypto mining.
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