Hive Blockchain deploys Intel powered HIVE BuzzMiner ASIC

Stock price of Bitcoin (BTC) mining company Hive Blockchain Technologies (HIVE) has surged tremendously since the start of this year. Also, the miner also stated about the deployment of new mining instruments seeking to take advantage of leveraged computing power.

HIVE stock price was at 1.53 USD on January 3 which rose to 3.13 USD on January 13. This shows a whopping surge of more than 104% in just ten days. However, the stock price continued to rally and currently it is trading at 4.55 USD with over 9% and 56% increase in a day and the last week.

The mining firm announced on Friday about deploying an Intel Blockscale ASIC powered mining rig dubbed as HIVE BuzzMiner. The company launched the rig after planning and engineering development of many months after QA processes in the factory, field testing and collaboration from global level.

In terms of performance, the company’s press release noted that, HIVE Buzzminer is on par with the expectations. Canada and Sweden based data centers will have deployment of over 1,500 mining rigs and the company holds the potential and “option to produce” more of these machines.

Executive Chairman Frank Holmes said that the public mining company is the first one to deploy an application-specific integrated circuit (ASIC) mining rig of its own. The newly deployed rig is the company’s attestation towards proof of work as the suitable consensus mechanism in terms of security.

HIVE’s President & COO, Aydin Kilic, claimed that the business was able to maximize the HIVE BuzzMiner’s capabilities in order to fulfill demand response programmes and take part in grid balancing operations.

The dynamic range of operation of the HIVE BuzzMiner, according to Kilic, allows the company to operate the machines at speeds ranging from 110 TH/s to 130 TH/s, allowing it to adjust power consumption and machine efficiency to maximize fleet profitability. He stated that the initial build of 5,800 HIVE BuzzMiners has a production rate of 638 to 754 PH/s.

Argo Blockchain, BLOCK, earlier known as Square, and GRIID Infrastructure were some of the company’s first customers. Meanwhile, in February of last year, Intel announced its intention to support the advancement of blockchain technologies with a roadmap of energy-efficient accelerators.

The new Custom Compute Group, established by Intel, is in charge of creating “bespoke silicon platforms optimized for clients’ workloads, including blockchain and other custom accelerated supercomputing potential at the edge.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing