HIVE Expands Bitcoin Mining Capacity with New Machines

HIVE Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term Technologies, a Canada-based cryptocurrency mining firm, today announced that it has increased its Bitcoin mining capacity with the purchase of 3,019 MicroBT M30S miners. The company also announced the immediate hashing of the new machines.

In an official announcement, HIVE mentioned that the new Bitcoin mining machines have an aggregate hash power of 264 Petahash per second (PH/s). The newly purchased MicroBT M30S miners will increase the company’s overall Bitcoin operating Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term by nearly 46%.

HIVE aims to generate an additional $80,000 in daily income through the latest purchase based on the current difficulty level and the price of Bitcoin.

Commenting on the latest announcement, Frank Holmes, Executive Chairman of HIVE, said: “We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and we’re excited to be involved.”

Since the start of 2020, the cryptocurrency mining firm has increased its mining capacity significantly.

Bitcoin Mining

Earlier this year, China announced a crackdown on Bitcoin and other crypto mining operations in the country. As a result, leading Chinese Bitcoin mining firms started shifting their operations to crypto-friendly locations around the world including Canada and the US. HIVE is planning to expand its mining operations in the future amid a surge in crypto mining activity across North America.

“The miners to be acquired in the transaction are already located onsite at HIVE’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. The miners are being purchased from Foundry Digital LLC (“Foundry”), a wholly-owned subsidiary of the Digital Currency Group (DCG) focused on digital assets’ mining and staking. As part of the partnership, HIVE will contribute its Bitcoin hash power to Foundry USA Pool going forward, whose other major customers include Blockcap, Hut8, Bitfarms, and Foundry itself, among others,” the company added.

“We are excited to have HIVE as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network,” Mike Colyer, CEO of Foundry, commented.