HIVE Blockchain Orders 6,500 Bitcoin Mining Platforms From Canaan

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HIVE Blockchain has ordered 6,500 bitcoin mining machines from Chinese manufacturer Canaan. The purchase builds on the partnership of the two companies which sent the Canadian miner more than 10,000 machines this year. HIVE plans to achieve an extraction capacity of 2 PE / s BTC by the end of 2021.

Bitcoin miner HIVE Blockchain has secured another Canaan machine purchase order, the manufacturer said in a statement. The miner will receive 6,500 next-gen Avalon bitcoin mining rigs from Canaan in a follow-up order of the other 10,400 units purchased this year.

“The additional HIVE purchase order further strengthens our working relationship,” said Nangeng Zhang, president and CEO of Canaan. “We will continue to position ourselves as an important partner for HIVE as they accelerate the growth of their business. With our next-generation Avalon miners as well as our quality on-site and off-site support, we are confident that we will achieve greater success with our customers in the crypto-mining arena. “

The Canadian miner has nurtured its partnership with the Chinese manufacturer of ASIC to increase its mining fleet in order to push for a higher hashrate capacity. According to HIVE, it currently has around 1.2 exahash per second (EH / s) of bitcoin mining capacity and is actively looking to hit the 2 EH / s mark by the end of the year. The company plans to host 3 PE / s by March 2022.

“We are excited to build on our strategic alliances with Canaan, a leading manufacturer of ASICs, to achieve our goals and generate value for our shareholders, while completing a transaction that increases our cash flow and our green mining capacity, ”Frank Holmes, chairman director of HIVE, said, according to the release.

However, Canaan is not the only supplier of HIVE. In July, the miner purchased more than 3,000 bitcoin mining rigs from Foundry as part of a partnership that led the Canadian company to also join Foundry’s U.S. mining pool.

In June, HIVE received approval to list on the Nasdaq and debuted in the U.S. markets after its first IPO in 2017 on the Toronto Stock Exchange (TSX).

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