Hive to install Intel mining chip in its new custom mining devices

Hive to install Intel mining chip in its new custom mining devices

Hive Blockchain Technologies, a Canada-based company operating in the blockchain sector, has reportedly inked a deal with Intel for acquiring its high-performance block reward mining chips units.

As per sources, the company will be incorporating the chips in its latest custom mining devices, expecting that they could increase its hash rate by two-fold.

Hive has recently announced the supply agreement, disclosing that Intel’s chips will be incorporated into its state-of-the-art mining equipment, custom-made for the company.

According to credible sources, the firm has made an agreement with an ODM (original design manufacturer) proficient in electronics manufacturing. The manufacturer will be deploying the chips of Intel into an air-cooled mining structure.

Miners are expected to be delivered by Hive within a year, starting in the second half of 2022.

Once the devices are fired up, Hive expects that its production will almost double. It states that if they are all deployed, it would be a probable surge of up to 95% in the cumulative Bitcoin mining hashrate from 1.9 Exahash per second.

Bonanza Mine (the chips) were introduced by Intel in February to break into the market, dominated by some companies led by MicroBT and Bitmain.

Despite highly projected, they were unsuccessful in fulfilling the expectations, with their performance being allocated as way under the overriding ASIC chips currently available in the market.

Soon after, Intel announced that it was working on the second generation, which would perform much better than its ancestor. Hive will be receiving this Bonanza Mine chip of the second-generation, and so will other miners like London listed Argo Blockchain and Griid.

Intel’s high performance and energy-efficient blockchain accelerator are anticipated to lower the power consumption over the present ASIC on the market, Aydin Kilic, Hive President and COO, stated while commenting on the deal.

Hive has also declared that it has entered into a Letter of Intent with Compute North for deploying 100 megawatts of miners in Texas driven by renewable energy.

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