Canadian crypto mining firm HIVE Blockchain Technologies announces beefing up its Bitcoin mining capacity with a recent purchase of new machines.
In an official announcement dated 12th July, HIVE says it has taken custody of 3,019 MicroBT M30S miners, all of which have an aggregate hash power of 264 Petahash per second (PH/s). With its latest addition of M30S miners, HIVE expects its company’s overall Bitcoin operating hash rate to spike by nearly 46%.
Economically, HIVE expects to generate at least $80,000 in daily revenue from its Bitcoin mining activities. Frank Holmes, Executive Chairman of HIVE, while commenting on his company’s latest move, said
“We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. In addition, our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and we’re excited to be involved.”
Since last year, the firm has continued to prop up its mining activities, which seems to be doubling down as China cracks down on mining activities within its borders. Earlier in the year, just as the bull run of the cryptocurrency industry that dovetailed from last year into 2021 was coming to an abrupt end, China announced the banning of crypto-related activities within its provinces. Specifically, it targeted areas like Xinjiang, Mongolia and Sichuan, three of which had at some point contributed up to half of the Bitcoin network’s total hash powers.
While China continued its anti-crypto mining moves, Bitcoin miners staged a mass exodus out of several Chinese provinces known for their cheap electricity sources. As a result, an overwhelming majority of the mining companies faced the West resulting in massive hash rate transfers from East to West. HIVE plans on significantly expanding its mining operations across North America.
A subsidiary of the Digital Currency Group (DCG) focused on digital assets’ mining and staking also commenting on HIVE’s latest miner machines acquisition said:
“The miners to be acquired in the transaction are already located onsite at HIVE’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. The miners are being purchased from Foundry Digital LLC (“Foundry”), a wholly-owned subsidiary of the Digital Currency Group (DCG) focused on digital assets’ mining and staking. As part of the partnership, HIVE will contribute its Bitcoin hash power to Foundry USA Pool going forward, whose other major customers include Blockcap, Hut8, Bitfarms, and Foundry itself, among others.”
Asides from operating a mining pool, Foundry provides financing for bitcoin and other mining equipment and access to equipment manufacturers. Mike Colyer, CEO of Foundry, commented saying
“We are excited to have HIVE as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network.”
Bitcoin network's hash rate has been building upwards after the June 27th historic drop representing the most significant hash rate drop since the Bitcoin network's creation. According to data from Y-charts, the Bitcoin network's hash rate sits at 114.95M TH/s as of July 10.