Crypto miner Hive Blockchain has announced a supply deal with Intel to purchase new ASIC chips. Billed as “high performance,” these chips will be incorporated into mining rigs that will be custom built for Hive. The company has also entered into a manufacturing agreement with an ODM (Original Design Manufacturer) that focuses on manufacturing electronics.d
Intel Supply Agreement
According to the official announcement, the agreement is part of its expansion plans in the United States. 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 leverage its expertise in hardware and software implementation, as well as the ODM partner in systems integration.
Miner delivery is expected to start in the second half of 2022 and continue for more than a year. Hive also estimates a 95% increase in its aggregate Bitcoin mining hash rate of 1.9 Exahash per second once miners are installed.
Aydin Kilic, President and COO of Hive, acknowledged that the team was excited to make the move with the North American-based semiconductor manufacturer after months of careful planning, stating:
“HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure. This Intel Supply Agreement, along with the manufacturing ODM agreement, creates a path from chip production to an ASIC miner that sets us apart from our competitors.”
The executive also added:
“Hive’s vision is to be a technology leader in the crypto mining space, pushing the boundaries on research and development initiatives, coupled with hash rate analytics, to optimize the efficiency of our operations and maximize return on invested capital” .
As part of its US expansion deal, Hive Blockchain also revealed the signing of a non-binding Letter of Intent (LOI) with Minnesota-based Compute North, which deals with large-scale sustainable computing infrastructure. The company intends to use a 100 MW deployment at one of Compute North’s renewable energy sites in Texas.
Hive’s Q3 revenue soars
The crypto miner previously said that its Q3 2021 revenue saw a nearly 400% increase to a record $68.2 million compared to figures for the same quarter a year earlier.
For the three-month period ending December 31, Hive’s net income exceeded a whopping $64 million, an increase of 7% from last quarter and 273% from a year earlier. During the same period, Hive mined 697 Bitcoin (BTC) and over 7,126 Ethereum (ETH).
Hive is known to mine Bitcoin and other cryptocurrencies using renewable energy sources. In an exclusive interview with CryptoPotato, Frank Holmes, its CEO, said that “green” bitcoins will eventually become more valuable over time than coal-mined ones (for example).
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This post Hive reaches an agreement with Intel to buy new ASIC chips for Bitcoin (BTC) mining
was published first on https://cryptopotato.com/hive-strikes-a-deal-with-intel-to-buy-new-asic-chips-for-bitcoin-btc-mining/