Canada-based Hive Blockchain Technologies Ltd. (TSXV: HIVE | OTCQX: HVBTF | FSE: HBF) recently announced that it has exceeded its ASIC capacity target of 1,000 petahash per second (PH / s) by purchasing 6,400 next-generation Canaan AvalonMiner 1246 miners.
Once deployed, the new hardware rigs will add an additional 576 PH / s to Hive’s operational hash performance, bringing the block reward miner’s overall operational hash rate for ASIC mining to 1,229 PH / s by the end of 2021 elevated.
The latest order is almost double the roughly 3,500 machines Hive bought in 2020. The BTC and ETH miner hopes to achieve an operating hash rate of 2,000 PH / s by the end of 2021. Hive did not reveal details such as prices.
Hive has arranged for the new equipment to be delivered over eight tranches starting May this year. Canaan will ship 500 miners in May and June, with an additional 900 miners shipped each month for the remainder of the 2021 calendar.
The latest announcement is a continuation of the aggressive measures Hive has taken since the start of the new year. The company kicked off January by announcing it had purchased 4,180 next-generation MicroBT WhatsMiner M31S + miners.
The contract, funded from operational cash flows, increased Hive’s total operational hash performance by 334 petahashes per second (PH / s). This equipment is also expected to be shipped in nine tranches from April.
This month, HIVE also announced that it has completed an unbroken private placement of unsecured notes for total gross proceeds of $ 15 million with US Global Investors, Inc. The bonds mature 60 months from the date of issue and bear an interest rate of 8% per annum. They are issued at face value, with any being redeemable by Hive and converted into common stock at the option of the holder.
Hive’s recent buying spree is among the many large ASIC hardware purchases in the past six months. That trend doesn’t seem to be slowing as other public companies such as Riot, Core Scientific, and Marathon have announced similar expansions in the past few months.
See also: TAAL’s Jerry Chan Presentation at CoinGeek Live, The Shift from Bitcoin Miners to Transaction Processors
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