Hive approached Intel to purchase new ASIC chips for Bitcoin (BTC) mining

Hive approached Intel to purchase new ASIC chips for Bitcoin (BTC) mining

Hive approached Intel to purchase new ASIC chips for Bitcoin (BTC) mining

Hailing as the first publicly traded crypto miner platform, Hive Blockchain has locked a strategic deal with the American technology giant, Intel to purchase new ASIC chips. The supply agreement signed by Hive Blockchain with Intel forms an important part of the former’s expansion plans focused on the fast-growing community of crypto users in the United States of America. Labeled as ‘high performing’ by the development team at Intel, the powerful chips will be placed into the mining equipment that will be customized for the Hive ecosystem.

According to the announcement, Hive has managed to crack a manufacturing pact with an Original Design Manufacturer or ODM to fuel the manufacturing of electronics within the cluster. The team revealed that the ODM will connect blockchain accelerators by Intel with air-cooled Bitcoin mining equipment as part of the collaboration. As part of the arrangement, the engineer’s unit of Hive will work together with the experts at Intel to utilize the hardware and software implementation knowledge of the team. They will also team up with the ODM firm to unlock the potential pertaining to system integration.

The miners are likely to be delivered in the second half of 2022 and the process shall continue for over one year in multiple schedules. Upon the installation of the new miners by Intel, Hive is looking forward to recording a surge of 95% in its aggregate Bitcoin mining hash rate. The hash rate is likely to rise from 1.9 Exahash per second post the installation of the new equipment.

Talking about the deal, the President and COO of Hive, Aydin Kilic shared that the team is elated to partner with the popular North American semiconductor manufacturing firm. The company is committed to infusing the revolutionary blockchain accelerators in its environment-friendly ecosystem. The agreements with Intel and ODM will pave way for the firm to emerge as a chip manufacturer and an ASIC miner thus keeping them ahead of competitors.

The US expansion plan of Hive includes a non-binding Letter of Intent with a popular computing infrastructure provider from Minnesota, Compute North. The sustainable, large-scale computing resources offered by Compute North will help Hive in strengthening its core system. The company has planned to use 100MW deployment at one of the renewable energy sites in Texas belonging to Compute North.

The renowned crypto miner recorded a rise of nearly 400%, representing $68.2 million, in 2021 third-quarter revenue figures. The net income surged above $64M hinting towards a 7% rise in comparison to the previous quarter and a 273% rise since the previous year. The firm mined 697 BTC and more than 7,126 ETH during the same span. The company is known to mine cryptocurrencies using renewable energy resources which makes it quite popular in the mining industry.

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