Hive Blockchain Announces Intel Chip Purchase Agreement for Bitcoin Mining.

Cryptocurrency mining company Hive Blockchain has announced a supply agreement with Intel to purchase new ASIC chips.

HIVE Blockchain Technologies Ltd. went public in 2017 as the first cryptocurrency miner with green energy and ESG strategy.

Billed as “high performance”, these chips will be incorporated into mining equipment specifically made for Hive blockchain. The deal, along with an original design manufacturer (ODM) manufacturing agreement, is expected to increase Hive’s synthetic Bitcoin mining hash rate by up to 95%, from 1.9 exahashes per second (EH/s), according to a statement from the company released Monday.

Miner deliveries are expected to begin in the second half of 2022 and continue for more than a year. Hive blockchain also estimates the aggregate Bitcoin mining hash rate to increase by 95% from 1.9 Exahash per second once the miners are installed.

Aydin Kilic, President, and COO of Hive acknowledged that the team was excited to take this step with the North American-based semiconductor maker after months of careful planning and stated:

“HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure. This Intel Supply Agreement coupled with the ODM manufacturing agreement creates a pathway from chip production to an ASIC miner that sets us apart from our competitors.”

He also added:

“Hive’s vision is to be a technology leader in the crypto-mining space, pushing the envelope in research and development initiatives, paired with hash rate analytics, to optimize the efficiency of our operations and maximize return on invested capital.”

Mr. Kilic noted that “Intel’s high-performance and energy-efficient blockchain accelerator is expected to reduce our energy consumption compared to current ASIC miners on the market. HIVE will participate in the system development process from design verification, through prototype stages, and then factory engineering and test mode to move to production model; we are well-positioned and very excited to undertake this process.”

The company is planning to deploy 100 MW at one of Compute North’s renewable energy facilities in Texas. Details will be announced. The completion of transactions contemplated by the LOI is subject to all regulatory approvals including approval by the TSX Venture Exchange.

Although at present time, specifically this March, the cryptocurrency and bitcoin markets are volatile, in the future BTC will still be an asset that many investors are looking for.