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Hive Blockchain Investing $100 Million To Double Hashrate

Author: Victoria Lopez
Hive Blockchain is planning to double its computing power, or hashrate, up to 6 exahash/second (EH/s). For this purpose, the miner is allocating $100 million of a common share offering in the form of an at-the-market (ATM) sale from Canadian investment firms. Each exahash of bitcoin (BTC) computing power will cost $30 million, which means that the $100 million fund can cover 3 EH/s of growth.

With Friday's press release, the crypto miner revealed that it has already purchased 1.26 EH/s, including 0.71 EH/s of Bitmain Antminer models and the rest of it being Hive's custom rigs. For making their custom rigs, the miner chose Intel’s (INTC) semiconductors before they discontinued their chip series in April. Hive emphasized the power efficiency, performance, and purchase price of its mining rig fleet, and hopes that they can generate enough revenue to pay back their investments soon.

Hive's hashrate as of April end was 3.14 EH/s of BTC computing power and 0.16 EH/s of GPU mining. For mining both Bitcoin and other crypto tokens the company is using graphics-processing units which were formerly used for Ethereum (ETH) mining.

So, Hive Blockchain is aiming to expand their hashrate in a short period of time and to reach their target, the miner is counting on their new generation mining machines and their carefully picked parts for making their custom rigs. Furthermore, the miner believes that the power efficiency of these machines will help to generate sufficient revenue to cover the costs of their investments.

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