Hive Blockchain, a publicly traded crypto mining company, has signed a deal to buy ASIC chips from semiconductor manufacturer Intel. They will be used in their new custom mining devices, CoinTelegraph wrote.
In the case of Bitcoin mining, ASIC (application-specific integrated circuit) chips are designed to solve complex mathematical problems to create new blocks on the chain.
Hive has arranged for a third-party manufacturer to make the new devices. The custom design manufacturer will integrate the Intel chips into new air-cooled Bitcoin (BTC) mining devices.
Mining hash rate expected to double
The mining company expects the aggregate Bitcoin mining hash rate to almost double to 3.8 Exahashes per second (Eh/s) after commissioning the new devices. They will be used starting in the second half of 2022.
Chips might cut power consumption by 15%
In its patent, Intel stated that the chips would also reduce mining power consumption by as much as 15%. The reduction in power consumption could make it possible for Hive to use more devices. The hash rate would rise even more as a result.
According to Hive president and COO Aydin Kilic, the new devices will be critical in terms of securing future growth of the company and its hash rate contributions to the network.
He added that the company was committed to “implementing these next-generation blockchain accelerators in (HIVE’s) green energy infrastructure.”
HIVE chairman Frank Holmes added:
Intel’s commitment to challenging the status quo and commitment to energy-efficient products align very well with our ESG and clean energy commitment.
Governments worldwide consider bans on Bitcoin mining
New York state and several countries are contemplating a ban on Bitcoin mining to help protect the environment and ensure higher power supply.
Hive will be using a facility powered by renewable energy in Texas, which will protect it against such complaints. The facility is property of Compute North, a digital infrastructure company.
Hive mines BTC, ETH, and ETC in several countries
At the moment, Hive has mining operations in Sweden, Iceland, and Canada, where it mines Bitcoin, Ethereum, and Ethereum Classic. The Texas operation will be Hive’s first in the US.
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