Canadian Bitcoin Miner HIVE to operate at 6 EH/s post ATM Sale
Canadian crypto mining company HIVE Blockchain, Hive being the ticker name, has announced that it plans to double its hash rate to 6 EH/s through common shares in at-the-market (ATM) offerings. This move will effectively support the miner’s mining capacity of Bitcoin and other cryptocurrencies.
ATM Sale and Funding of HIVE’s Self-computing Power
Earlier, in a press release on Friday, the Bitcoin miner revealed that it would offer its common shares that are available on NASDAQ through ATM Sales. This way, the mining corp will be able to generate enough funds to purchase additional hash rate which could double their present mining capacity of 3 EH/s.
The Hive has partnered with two Canadian investment firms, namely, Stifel and Canaccord Genuity, that will act as Hive’s agents in raising the targeted funds of $100Mn. With each Bitcoin mining computer power being estimated at acquiring cost of $30Mn, the at-the-market sale is projected to bring surplus amounts which could enable Hive to purchase 3 EH/s.
While Intel (INTC) has announced that it is going to discontinue its bitcoin mining chip series, Intel Blocksale 1000 Series ASIC, Hive, has not yet disclosed the details of their future plans. Notably, Hive is the only miner group that has installed Intel-powered mining rigs and chips in its facilities.
With hopes of attaining its growth target, the Canadian company has purchased about 1.26 EH/s which include 0.71 EH/s of Bitmain Antminer generating machines, while the rest are the Hive’s customized rigs and semiconductors powered by Intel mining chips. Hive has also revealed that its growth plans also include increasing its hash rate from 3 EH/s to 4 EH/s by the end of the second quarter of 2023.
The crypto industry has already witnessed a severe winter that crippled the whole industry leading to some mining companies even filing for bankruptcy, HIVE plan to expand its operations is commendable. Apart from increasing its operational mining load, the company is also asserting on attaining power efficiency through its strategic approaches and will optimize near-term repayment of its investments through cash flow generation from operating newly purchased machines.
Conclusion
Hive now is able to mine both Bitcoin and other cryptocurrencies as the result of repurposing their Graphic Processing Units (GPU) following the Ethereum Merge. This way, by April’s end, Hive has already been functioning at an applaud-worthy 3.14 EH/s towards Bitcoin mining and 0.16 EH/s towards GPU.
