Hive Blockchain to extend mining activities with addition of new Intel ASIC chips

The Bitcoin mining firm is moving to Texas with new custom-built “greener” mining equipment using Intel Bonanza Mine chips.

Hive Blockchain Technology, a publicly-traded crypto mining business, has agreed to purchase ASIC chips from semiconductor manufacturer Intel to be used in their new bespoke mining equipment.

Hive contracted for the new devices to be manufactured by a third-party custom design company, which will include Intel chips into new air-cooled Bitcoin (BTC) mining equipment.

The additional devices are expected to almost double Hive’s total Bitcoin mining hash power, from 1.9 to 3.8 exahashes per second (Eh/s). Beginning in the second part of 2022, they will be supplied set to use.

The chips would also lower the energy usage of mining activities by 15%, according to Intel’s patent for the Bonanza Mine chips. Hive may be able to utilize more gadgets as a result of the lower power consumption, allowing it to provide an even higher hash rate.

Hive’s president and chief operating officer, Aydin Kilic, claimed that the additional devices would be essential to the company’s growth in the future and hash rate contributions to the network. He said that the company is dedicated to “implementing these next-generation blockchain accelerators in its green energy infrastructure.”Frank Holmes, the executive chairman of the Hive, added:

“Intel’s commitment to challenging the status quo and commitment to energy-efficient products align very well with our ESG and clean energy commitment.”

In order to preserve the environment and the electricity supply, New York state and several other nations are considering restricting Bitcoin mining. Hive’s new Texas headquarters may be safe from such accusations by using a facility fueled by renewable energy operated by digital infrastructure provider Compute North.

Hive presently mines Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic in Canada, Iceland, and Sweden (ETC). It will be the company’s first activity in the United States.

Application-specific integrated circuit (ASIC) chips are designed specifically for a given application. They are made to accomplish difficult mathematical computations to generate new blocks on the chain in the case of Bitcoin mining.