Hive Blockchain’s First U.S Venture: Signs Deal For Intel’s New Mining Chips

A crypto mining company, Hive Blockchain, has partnered with Intel, a California-based tech giant. Hive will be purchasing Intel’s Bitcoin mining chips.

COO at Hive, Aydin Killic, expects the company to reduce its power consumption with energy-efficiency” ASIC chips of Intel.

Other big names in the mining industry have opted for Intel’s chips. Intel entered into the blockchain industry with the revelation of new chips last month.

Hive Blockchain, a crypto mining firm, announced on Monday that it signed an agreement with Intel in order to purchase its bleeding-edge Bitcoin mining chips. Intel is a tech giant based in California.

The New Equipment To Boost Bitcoin Mining Hash Rate By 95%

The company revealed that the new equipment would be delivered in the second half of 2022. It is expected to boost the Bitcoin mining hash rate by 95%. The miner also disclosed that it has collaborated with an original design manufacturer to build custom equipment containing Intel’s chips.

President and Chief Operating Officer at Hive Blockchain, Aydin Killic, expects the company to mitigate its power consumption using Intel’s “energy-efficiency” ASIC chips. He said:

The efficient and high-performance blockchain accelerator of Intek is expected to reduce our power consumption over ASIC miners currently present on the market.

In another partnership, the Vancouver-based miner also collaborated with Compute North to host a 100-megawatt mining facility in Texas.

As the company claims, the deal with Compute North is Hive Blockchain’s first venture into the United States. Considering the recent concerns raised over high crypto’s carbon footprint, renewable energy will be used to power the operation.

Last year, the company also got listed on the Nasdaq exchange, earning itself a U.S Stock listing. It was primarily listed on the Toronto exchange on the Toronto exchange in Canada. As of now, the firm currently has data centers in Canada, Sweden, and Greenland.

Earlier this year, Intel stepped into the Bitcoin mining industry with the goal to threaten the position of Chinese companies in the sector.

Along with a mining rig, it finally revealed its “Bonanza Mine” (BMZ1) chip in late February.

Apart from Hive Blockchain, Intel’s powerful accelerator chip has also been ordered by other prominent names within the industry, such as Block and Argo Blockchain.

Hive Blockchain is not the only company to purchase Intel’s chip; other prominent companies in the industry have also ordered Intel’s powerful accelerator chip.

As of right now, Intel, an American multinational corporation and technology company, is working on a second-generation model of BMZ1.

ALSO READ: Malaysia rejects to accept crypto as legal tender

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