Hive Strikes a Deal With Intel to Buy New ASIC Chips for Bitcoin (BTC) Mining

Hive Blockchain, a crypto miner, has signed a Supply Agreement (with Intel) to purchase new ASIC chips. These chips are deemed “high-performing” and will be integrated into Hive’s custom-made mining equipment. A manufacturing agreement was also made with an ODM (original designs manufacturer), which focuses on electronics manufacturing.

Intel Supply Agreement

According to the official announcement, this deal is part of ODM’s US expansion plans. Hive announced that ODM will incorporate Intel’s blockchain accelerators in an air-cooled Bitcoin mining system. Hive’s engineering group will collaborate closely with Intel, drawing on its experience in software and hardware implementation, as well as that of the ODM partner for the system integration.

Delivery of the miners will begin in the second half 2022, and last for more than one year. Hive estimates a 95% increase in aggregate Bitcoin mining hashrate from 1.9 Exahash per Second once the miners have been installed.

Aydin Kilic (President and COO of Hive) stated that the team was thrilled to make the move with the North American-based semiconductor maker after months of planning.

“HIVE is committed in implementing the next-generation blockchain accelerators within its green energy infrastructure. The Intel Supply Agreement and ODM Manufacturing Agreement create a path from chip production to ASIC mining, which sets us apart from our competition.

Another comment was made by the exec:

“Hive’s vision for the future is to be a leader in crypto-mining technology, pushing the boundaries in research and development, paired with hashrate analytics, to maximize efficiency and return on capital invested.”

Hive Blockchain announced that it had entered into a non-binding letter of intent (LOI), with Compute North, based in Minnesota, regarding its US expansion. This letter focuses on sustainable large-scale computing infrastructure. The company plans to deploy 100 MW at one Compute North site in Texas.

Hive Q3 Revenues soar

Crypto miner, Coinbase, stated earlier that the company’s third quarter revenues in 2021 saw a nearly 400% increase to $68.2million. This is compared to the figures for the same quarter last year.

Hive’s net revenue grew to $64 million in the three months ending December 31st. This is an increase of 7% over the last quarter and 273 percent since the previous year. Hive also mined over 7,126 Ethereum (ETH) during the same period.

Hive is well-known for mining Bitcoin and other cryptocurrency using renewable energy sources. According to Frank Holmes, the Executive Chairman of Hive, “green” bitcoins will eventually be more valuable than those made with coal over time.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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