Bitcoin Miner Hive to Purchase Intel Mining Chips, Firm Reveals a 100 MW Deployment Deal in Texas – Mining Bitcoin News

Hive Blockchain Technologies, a publicly traded mining company, announced that it had signed a contract with Intel for the purchase of new ASIC mining chip. Hive also reached an agreement (ODM), and signed a letter of intent non-binding with Compute North. Hive said the company plans to deploy 100 MW of mining capacity to Compute North’s renewable energy facilities in Texas.

The Hive will purchase ASIC chips from Intel and deploy 100 MW in Texas

Hive is a cryptocurrency company that also operates a mining operation (TSX.V, HIVE) (Nasdaq.HIVE) announced it had signed a supply contract with Intel Corporation. (Nasdaq.INTC). Hive will obtain Intel’s new ASIC mining chips that will be leveraged in custom-built equipment made for the company. The blockchain firm says it has a manufacturing agreement with an ODM that specializes in “electronics manufacturing.”

“Hive’s engineering team will draw on its expertise in hardware and software implementation and will work closely with Intel and the ODM partner on the systems integration,” Hive’s announcement notes. “These miners are expected to be delivered over a period of one year starting in the second half of calendar 2022, the effect of which, if they are all installed, would be an expected increase of up to 95% in our aggregate Bitcoin mining hashrate from 1.9 exahash per second.”

Hive also announced that it had signed another agreement with Compute North to build a Texas 100-MW mining facility. Frank Holmes, Hive’s executive chairman, said the Compute North team “shares the same commitment to using renewable energy that Hive has adhered to since its listing as the world’s first publicly traded crypto-miner.”

Mining Company holds 2,374 Bitcoin. Hive joins the slew of firms that have acquired Intel Chips

Hive claims that additional details on the 100MW facility’s construction will be revealed in the near future. Hive bought a lot of Canaan mining rigs last year and expanded its New Brunswick data center campus with 40MW capacity in October. Hive purchased another 6,500 mining equipment from Canaan in the same month. Hive has a balance in bitcoins of 2,374 (BTC), and produced 244.4 BTC during February 2022.

Moreover, Hive joins firms like Griid, Argo Blockchain, and Jack Dorsey’s Block (formerly Square) that have plans to acquire Intel’s ASIC chips. Mid-February saw the unveiling of Intel’s new mining chips. The circuits are said to deliver 1,000x greater performance than existing competitors. Later, at the International Solid-State Circuits Conference (ISSCC) last month, Intel gave the event attendees a sneak peak at the ‘Bonanza Mine BMZ1’ blockchain accelerator mining chip and the ‘Bonanza Mine BMZ2’ as well.

What do you think about Hive’s plans to purchase Intel ASIC chips and the 100 MW facility in Texas with Compute North? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for Bitcoin.com News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.