Mining firm HIVE has revealed plans to expand its operations to Texas with the proposed acquisition of mining hardware. The publicly-traded firm will acquire the devices from a third-party, which will be powered by Intel’s ASIC.
In Proof-of-Work activities, ASIC or Application-Specific Integrated Circuit solve difficult mathematical problems to generate additional blocks on the network. ASIC is added into mining hardware to enable the process.
The mining firm penned a deal with Intel to purchase ASIC chips, known as Bonanza Mine chips, which would be integrated into the mining hardware. Reports have it that these Bonanza chips will conserve energy by 15%, which allows mining devices to operate at full capacity. This will enable HIVE to use additional devices to maximize the hash rate.
The new hardware dubbed “air-cooled,” will double the current hash rate to 3.8 Exa per sec. HIVE is optimistic the equipment will arrive before Q2 of 2022 ends.
New Devices Will Catalyze Growth
The President of HIVE Company, Aydin Kilic, stated the shipped devices would play a massive role in the company’s future and input to the Bitcoin network. Kilic, who is the COO, revealed the firm’s stance in driving usage of energy-efficient pieces of equipment.
“HIVE is dedicated to deploying futuristic BTC accelerators that will conserve energy and maximize output.”
Meanwhile, one of the Executives, Frank Holmes, praised Intel’s dedication to driving the adoption of energy-efficient equipment. Intel’s goals align perfectly with HIVE’s ESG and green energy objectives.
Curbing the Effects of PoW
BTC mining and its effect on the environment has become a grave concern to countries. Crypto mining has crippled the power supply of countries like Iran and Kazakhstan before. The former resulted in power-sharing at a time to mitigate the issue.
Presently, New York and the are considering prohibiting all Proof-of-Work related activities to protect the climate. The EU even presented the MiCA Crypto Market Bill to the Parliament to be voted upon last month but was postponed unfortunately due to some unaddressed issues amongst members.
HIVE may not face any PoW regulatory issue in Texas, given that their mining operations will be purely based on renewable energy. Therefore, HIVE could be safe and protected.
HIVE has operational facilities in Sweden, Canada, Iceland, and Texas will be the first mining center in the United States. The company mines bitcoin, ETH, and ETC.
Last week, it was reported that BTC mining difficulty had dropped by 1.49%, the first time in four months. It came after mining posted six straight positive adjustments. In that period, the hash rate had hit a record high.
