Hive Signs a Deal with Intel to Purchase New ASIC Chips For Bitcoin (BTC), Mining

Hive Blockchain, a crypto miner, has signed a Supply Agreement (with Intel) to purchase new ASIC chips. Pitched as “high-performing,” these chips will be incorporated into mining equipment that will be custom-made for Hive. The company also has a manufacturing deal with ODM (original design maker) that focuses primarily on electronics manufacturing.

Intel Supply Agreement

According to the official announcement, this deal is part of ODM’s US expansion plans. Hive revealed that ODM will integrate Intel’s blockchain accelerators into an air-cooled Bitcoin (BTC) mining system. Under the agreement, Hive’s engineering team will work closely with Intel and draw on its expertise in hardware and software implementation as well as the ODM partner on the systems integration.

The miners are expected to be delivered in the second quarter of 2022. They will continue delivery for over a year. Hive estimates that the aggregate Bitcoin mining rate will increase by 95% from 1.9 Exahash per sec once the miners become operational.

Aydin Klic, President and COO at Hive, stated that the team was eager to move forward with the North American-based semiconductor producer after months of careful planning.

“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.”

Hive Blockchain announced that it had entered into a non-binding letter of intent (LOI), with Computer North, based in Minnesota, regarding its US expansion. This letter focuses on sustainable large-scale computing infrastructure. The firm intends to use 100 MW deployment at one of Compute North’s renewable energy sites in Texas.

Hive Q3 Revenues Rise

According to the crypto-miner, its third quarter revenues for 2021 were almost 400% higher than the figures for the same quarter last year. They reached a record $68.2 Million.

For the three-month period ending of December 31st, Hive’s net income climbed above a whopping $64 million, meaning a surge of 7% from last quarter, and 273% since the prior year. Hive generated 697 Bitcoin (BTC), and more than 7,126 Ethereums (ETH) in the same time period.

Hive is known for mining Bitcoin and other cryptocurrencies with renewable energy sources. Interview with Hive CryptoPotato, Frank Holmes, its Executive Chairman, said “green” bitcoins will eventually become more valuable over time than those mined with coal (for example).

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