HIVE Blockchain Technology, a public crypto mining firm, has made a deal to purchase ASIC chips from semiconductor maker Intel that will be used in their new custom mining gadgets. HIVE blockchain technology is set up for the new gadgets to be made by an outside handcraft producer that will coordinate the Intel chips into new air-cooled Bitcoin (BTC) mining gadgets. HIVE expects that the new gadgets will almost two-fold its total Bitcoin mining hash rate from 1.9 to 3.8 Exahashes each second (Eh/s). They will start showing up prepared for use beginning in the final part of 2022.
In its patent for the chips known as Bonanza Mine, Intel asserted that the chips would also reduce the power consumption of mining activities by 15%. The reduction in power consumption may allow HIVE to employ additional devices, allowing it to increase its hash rate commitment even more.
Aydin Kilic, president and chief operating officer of HIVE, said that the new devices will be critical to the company’s future growth and hash rate contributions to the network. He added that the business plans to use these next-generation blockchain accelerators in HIVE’s green energy infrastructure. Frank Holmes, executive chairman of HIVE, added that Intel’s dedication to disrupting the status quo and to energy-efficient products complements our ESG and clean energy commitments extremely well.
For now, New York state and numerous governments across the world are contemplating prohibiting Bitcoin mining for the sake of environmental and power supply protection. HIVE may be insulated from similar objections to its new Texas site by employing a renewable energy-powered facility operated by digital infrastructure provider Compute North.
HIVE now operates mining operations in Canada, Iceland, and Sweden, mining BTC, Ether (ETH), and Ethereum Classic (ETC). The Texas location will be the company’s first in the United States. Application-specific integrated circuit (ASIC) chips are designed for a specific application. In the case of Bitcoin mining, they are programmed to solve complicated mathematical problems in order to add new blocks to the network.