HIVE, Canaan ink new deal for 6500 cutting-edge BTC miners

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TL; DR Breakdown

  • HIVE Blockchain (BC) is bolstering its Bitcoin (BTC) mining operations. It has therefore acquired an additional 6,500 mining rigs.
  • The firm is getting its rigs from Canaan. The machines are from Canaan’s Avalon line of cutting edge miners. 

HIVE BC has announced that it’s purchasing additional Bitcoin mining hardware. It’ll be acquiring the rigs from Chinese manufacturer Canaan. 

The deal will see Canaan supply HIVE with 6500 miners. These miners are of Canaan’s Avalon range. And, they run on the company’s cutting edge technology.

It’s a development that pleases Frank Holmes, HIVE’s Executive Chairman. He stated that they are happy to build on their relationship with Canaan. 

Holmes further holds that the relationship will help them achieve their objectives. Again it’ll create value for the firm’s shareholders. Besides, it’ll increase its cash flow and ability to pursue sustainable mining.

The acquisition comes at the back of HIVE’s recent buys from Canaan. It follows acquisitions of 10,400 mining rigs this year. The latter will supply this new order in three instalments.

Canaan says that it’ll send the first set of three thousand machines in December 2021. It’ll deliver another thirty-one hundred by January 2022. The final four hundred of this lot will go out in February of 2022.

HIVE BC is expanding

HIVE BC has lately embarked on an expansion process. At the moment, it’s expanding its largest data installation in Canada. This expansion will see it add 20 megawatts to the firm’s New Brunswick facility.

The company specializes in mining BTC and Ethereum (ETH). In total, it runs five crypto-mining concerns spanning Canada, Iceland and Sweden.

Currently, it has a BTC mining capacity of about 1.2 exahashes (EH/s) a second. Its new acquisition will ramp it up to 2 EH/s by December. It’ll then increase to 3 EH/s in March 2022.

Canaan’s Nangeng Zhang is equally pleased by this development. He says this new order strengthens the two firms’ relationship. To him, these agreements are indicative of the worth of their mining rigs.

Additionally, they testify to Canaan’s strengths in cultivating strong relationships with their clients. Zhang added that they’d continue supporting HIVE’s push for business growth. And that through Avalon Canaan will help its partners prosper in their mining ventures.

Canaan’s ASIC revolution

Formed in 2013, Canaan has established itself in building top-notch crypto mining solutions. The firm’s vision is to be the lead in supercomputing.

Towards this goal, it follows its so-called social enrichment model. It rolled out its first BTC mining ASIC in 2013. In 2018 it premiered the world’s smallest ASIC chip

Measuring only seven nanometers, the chip enables the development of energy-saving mining hardware. Canaan also released an AI chip in the same year. The RISC-V chip further enhanced the capabilities of its ASICs.

Of late, both BTC and ETH prices have rallied, improving the fortunes of crypto miners. In turn, they’ve led to an increased appetite for crypto mining equipment. And HIVE is one of the many companies that are bolstering their mining capacity.

Genesis Digital Assets, for example, have bought 20 thousand BTC mining rigs from the firm. It also could buy another 180 thousand mining machines later.

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