Today publicly traded HIVE Blockchain announced that it has ordered 1,800 new bitcoin miners from Bitmain Technologies.
The deal is the first to emerge from HIVE’s new partnership with Bitmain. The machines will be delivered in 2022 in 6 tranches of 300 miners each.
The new S19j Pro miners have an aggregate hash power of 180 petahash per second. HIVE also announced its goal of reaching 1 exahash of Bitcoin mining power by the end of August.
The announcement today comes just weeks after HIVE announced it had purchased over 10,000 bitcoin miners this year. The renewable energy mining company’s strategy is to use cash flow to make opportunistic investments into BTC mining equipment on a monthly basis.
HIVE Executive Chairman Frank Holmes commented, “We are constantly upgrading our ASIC fleet to have the most efficient miners we can buy from cash flow.”
China’s recent ban on bitcoin mining for many firms has been an ideal opportunity to double down on mining equipment purchases. The global mining arms race has amped up as machines are geographically redistributed out of China.
Chairman Holmes continued, “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.”
The firm presently holds 875 BTC. They also hodl one hundred percent of the bitcoin that they mine with renewable energy.
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Author: Alex McShane