Publicly traded crypto mining company Hive Blockchain has signed an agreement to purchase ASIC chips from semiconductor maker Intel. They will be used in their new custom mining equipment, CoinTelegraph wrote.
In the case of bitcoin mining, ASIC (Application-Specific Integrated Circuit) chips are designed to solve complex mathematical problems to create new blocks on chain.
Hive has arranged for a third party manufacturer to manufacture the new equipment. The custom designed manufacturer will integrate Intel chips into new air-cooled bitcoin (BTC) mining equipment.
Mining hash rate expected to double
The mining company expects the overall bitcoin mining hash rate to nearly double to 3.8 Exahashes per second (Eh/s) after the new equipment is rolled out. These will be used from the second half of 2022.
Chips can cut power consumption by 15%
In its patent, Intel stated that the chips will also reduce mining power consumption by up to 15%. The reduction in power consumption may make it possible for the Hive to use more devices. As a result the hash rate will increase even more.
According to Aydin Kilic, President and COO of Hive, the new tools will be crucial in terms of the company’s future growth and securing its hashrate contribution to the network.
He added that the company is “committed to implementing these next-generation blockchain accelerators in (HIVE) green energy infrastructure.”
HIVE President Frank Holmes said:
Intel’s commitment to challenging the status quo and commitment to energy-efficient products aligns very well with our ESG and clean energy commitment.
Governments around the world consider banning bitcoin mining
New York state and several countries are considering banning bitcoin mining to help protect the environment and ensure a high electricity supply.
Hive will use a facility in Texas operated by Renewable Energy, which will protect it from such complaints. The facility is the property of digital infrastructure company Compute North.
Hive Mines BTC, ETH and ETC in Multiple Countries
Currently, Hive has mining operations in Sweden, Iceland and Canada, where it mines Bitcoin, Ethereum and Ethereum Classic. The Texas operation will be Hive’s first operation in the US.