Crypto mining company Hive Blockchain (HIVE) has sold altcoins to fund Intel Bitcoin mining rigs. The coins the company sold consisted of ETH, the native cryptocurrency of Ethereum. However, many crypto miners also follow the same route to pay their operating costs. Accordingly, miners have recently started selling some of their crypto assets.
Hive sells altcoins for mining products
British Columbia-based miner Vancouver said in a statement, “We have significantly reduced our ETH holdings to fund our Intel strategic relationship and the construction of new bitcoin miners.” Hive, on the other hand, said it has decided that it is “prudent to take some profits in ETH due to its high volatility.” Accordingly, Vancouver will continue to sell altcoins to fund the company’s long-term Bitcoin goals. It will do this from time to time. However, Hive is still expanding its Ether mining capacity. Therefore, he said that he will try to replace the ETH he sells in the near future.
Hive continues to grow in mining
Hive expected to test Intel’s mining rigs this month, prototype production summer by the end of the year, and mass production is scheduled to begin this fall. However, the company has the distinction of being the first mining company to receive Bitcoin-specific mining chips, which are more efficient than most of Intel’s competitors. Hive said it issued more cryptocurrencies in May than in April. Accordingly, the company mined 2% more Bitcoin. It has also upgraded altcoin mining. According to the data, the company increased the amount of Ethereum mined by 6%.
On a combined basis, Hive produced 459.2 Bitcoin equivalents in May, similar to last month’s 458.3 exit. The current current capacity of the company is 3.4 EH/s. However, it plans to have a hashrate of 6.2 Exahash per second (EH/s) in the next 12 months. Shares of Hive fell by about 2.8% on Monday, while Bitcoin’s price gained nearly 5% in the last 24 hours.
Hive bought Intel Mining Chip That Can Increase Hashrate by 95%
As we reported on Kriptokoin.com, Hive Blockchain (HIVE) is a crypto miner’s total Bitcoin mining buys a chip that can increase the hash rate from 1.9 exahash per second (EH/s) to 95%. Accordingly, the company agreed to buy Intel’s new chips in an agreement it made in March. The system is expected to be delivered within a 12-month period from the second half of 2022. Intel announced the details of the first generation of the new mining chip at its conference in February. Hive President and Operations Director Aydın Kılıç said in a statement:
“Intel’s new mining chip has taken its place as energy efficient and high performance. We expect it to reduce our power consumption compared to existing ASIC miners on the market.”
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