Canadian Bitcoin Miner HIVE to Run at 6 EH/s After ATM Sale

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Canadian crypto-mining company HIVE Blockchain, Hive being the name of the ticker, has announced that it plans to double its hash rate to 6 EH/s through common stock in market (ATM) offerings . This move will effectively support miners’ ability to mine Bitcoin and other cryptocurrencies.

Selling ATMs and Financing Hives Power of Self-Computing

Earlier, in a press release on Friday, the bitcoin miner revealed that it would be offering its common stock which is available on NASDAQ through ATM Sales. This way, the mining company will be able to generate enough funds to buy an additional hash rate that could double its current mining capacity of 3 PE/s.

The Hive has partnered with two Canadian investment firms, namely Stifel and Canaccord Genuity, who will act as Hives’ agents to raise the $100 million targeted funds. Each bitcoin mining computing power being estimated at an acquisition cost of 30 million dollars, the sale on the market should bring surpluses which could allow Hive to buy 3 PE/s.

While Intel (INTC) has announced that it will be discontinuing its series of Bitcoin mining chips, Intel Blocksale 1000 Series ASIC, Hive, has yet to disclose details of its future plans. Notably, Hive is the only mining group to have installed Intel-powered mining rigs and chips in its facilities.

Hoping to meet its growth target, the Canadian company purchased around 1.26 PE/s, of which 0.71 PE/s were Bitmain Antminer generator machines, while the rest were Hives custom rigs. and semiconductors powered by Intel mining chips. Hive also revealed that its growth plans also include increasing its hash rate from 3 EH/s to 4 EH/s by the end of Q2 2023.

The crypto industry has already experienced a harsh winter that has crippled the entire industry, even leading some mining companies to file for bankruptcy, HIVE’s plan to expand its operations is commendable. In addition to increasing its operating mining load, the company also claims to achieve energy efficiency through its strategic approaches and will optimize the short-term payback of its investments through the generation of cash flow from the operation of newly acquired machinery. purchased.

Conclusion

Hive is now able to mine both Bitcoin and other cryptocurrencies thanks to the repurposing of their graphics processing units (GPUs) following the Ethereum merger. This way, at the end of April, Hive was already running at an applause-worthy rate of 3.14 EH/s for Bitcoin mining and 0.16 EH/s for GPU.

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