HIVE Blockchain Orders 1,800 Crypto Mining Machines from Bitmain
HIVE Blockchain Technologies announced today that the company has ordered 1,800 Antminer S19j Pro miners from Bitmain Technologies, one of the largest crypto mining technology providers in the world.
According to the recent announcement, the newly ordered crypto mining machines have an aggregate hash power of 180 Petahash per second (PH/s). HIVE Blockchain mentioned that the company is planning to increase its crypto mining capacity with the addition of Bitmain’s 1,800 Antminer S19j Pro miners.
Earlier this year, HIVE released its financial results for the second quarter and saw a major jump in revenues. Since the start of 2021, the company has increased its crypto mining capacity substantially to meet the growing demand.
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Commenting on the recent announcement, Frank Holmes, Executive Chairman of HIVE, said: “We are constantly upgrading our ASIC fleet to have the most efficient miners we can buy from cash flow. This purchase with Bitmain enables us to maintain our strategy to diversify the manufacturers we purchase from. Over the past year, we have been expressing our concerns about global shortages in chips and logistics delays in shipping equipment from Asia due to Covid 19. We have deep relationships with Bitmain, MicroBT and Canaan which are all top global manufacturers in our industry.”
Crypto Mining Industry
Due to the recent crackdown on crypto miners in China, the global crypto mining industry is going through a major shift. Chinese miners are moving to other locations including Canada, Europe and the US. Despite the latest shift, several crypto miners including HIVE are holding digital currencies in large amounts.
“Presently we have 25,000 ETH in cold wallets and 875 BTC. We are continuing to HODL all our bitcoins that have been mined with green energy. Our current inventory of coins invested in BTC and ETH is valued at $100 million. As mentioned in our previous press release, our annual run rate at today’s bitcoin prices and difficulty is approximately $220 million. Our next milestone is to hit 1 Exahash in BTC mining by the end of this month,” HIVE mentioned.