October 3, 2022

Hive Blockchain Increases Mining Activities Using Intel ASIC Chips

2 min read

Notwithstanding the problems and turbulence in the crypto sector, operators are still enthusiastic and forward-thinking about it. Despite the fact that it seemed that mining activities would see a decrease offered the China crackdown in 2015, recent developments tell a various story.

One of the factors for frowning at mining activities was too much power consumption. So now, operators are looking for methods to carry out greener mining that will be environmentally friendly and rewarding.

One of such relocate to promote greener mining is in the type of a new intel “ASIC” chips. HIVE Blockchain Technology is the business beginning this greener mining with the chips. They have already signed an agreement to purchase these ASIC chips from Intel Bonanza Mine Chips.

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According to our sources, HIVE will utilize the chips in their mining devices which a third-party manufacturer personalized. We likewise discovered that the chips would be contributed to the gadgets mining BTC.

Hive Plans The Expand With New Devices

According to HIVE, including the brand-new devices embedded with the chips will increase their hash rate to 3.8 Eh/s. Presently, the mining business is at 1.9 however is optimistic about experiencing a change soon, beginning with the middle of this year when the gadgets will begin operating.

One of the advantages about utilizing the Intel Chips is that they are energy effective. According to the company, its Bonanza Mine Chips will decrease power intake by 15%, a plus for the company.

As an outcome, HIVE is expected to add more mining devices since they won’t be taking in much power. Moreover, such relocations will suggest that their hash rate will go beyond the targeted 3.8.

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With such performance and contribution, the business will experience growth, states HIVE President and Chief of Operations, Aydin Kilic. Also, the ASIC chips handle intricate mathematical equations in BTC mining according to the modifications made by the company. So, effectiveness is self-evident.

Bitcoin Mining Issues

Other nations prepare to do the exact same, apart from China’s pushing hard on mining operators. Recall that numerous mining business exited China for the USA than when the problem was hot. Now, even New York wishes to stop mining operations due to the effect on the power supply and the environment.

Now that HIVE wants to alter its method of mining Texas by using the renewable energy technique, we believe that such problems will not affect them. The mining business has developed operations in numerous states and mining several cryptocurrencies.

Hive Blockchain Increases Mining Activities Using Intel ASIC Chips
Crypto market stands above $ 1.7 trillion|Source: Crypto Total Market Cap on TradingView.com

For example, they’re running in Iceland, Canada, and Sweden. Also, they mine cryptos that include Ethereum Classic (ETC), Ethereum (ETH), and Bitcoin (BTC).

Featured image from Pexels, chart from TradingView.com