Bitcoin mining company Hive Blockchain announced the purchase of 6,400 ASICs from Chinese firm Canaan Creative. This is an agreement between two publicly traded companies. On the other hand, it is highlighted that the shortage of equipment is forcing companies to turn to manufacturers other than Bitmain.
The announcement of the Canadian-based company explains that the firm’s computing power could reach 1200 PH / s. Another important aspect is that the mining machines would begin to arrive during the month of May, with an initial batch of 500 machines. The rest will arrive in parts on a monthly basis.
Competition among large companies dedicated to Bitcoin mining services continues to gain momentum. It was recently known that Bitmain shipments were out of stock until August 2021. This forces mining companies to look for equipment from other manufacturers.
Bitcoin mining firm veers to Canaan
In the fierce competition for as much computing as possible, Canaan is a secure provider for any Bitcoin mining company. Firms such as Core Scientific or Riot Blockchain, have focused on the main creators of ASICs such as Bitmain or MicroBT.
However, Bitmain’s inability to meet the demand for equipment forces alternative manufacturers to be targeted. During 2020, the trend of mining equipment shortages has become more latent, which can be a great opportunity for manufacturers like Canaan, Ebang and others.
The goal of the Bitcoin mining firm, Hive Blockchain for this 2021, was to reach 1000 PH / s. With the acquisition of the Canaan mining companies, that cap will be exceeded. Although the equipment of this manufacturer is not as efficient as the S19 and M30S series, they remain renowned machines and have a lot of acceptance.
In fact, with the current rally in the price of Bitcoin, in countries with low energy costs, old equipment has been resurrected. Among the latter, the legendary Avalon 841 stands out, which is widely traded in Iran and Venezuela.
Hive Blockchain doubles its maximum purchase
Another aspect of relative importance related to this Canadian Bitcoin mining firm is that it has doubled its historical purchase. Thus, throughout the year 2020, the company bought about 3,500 cryptocurrency mining equipment. Now, the number is 6400.
Hive Blockchain’s plans to rank among the largest Bitcoin producers in North America are well under way. In that sense, it should be remembered that it recently joined its rival Riot Blockchain, becoming the second company of its kind to reach a valuation of $ 1 billion.
Data to take into consideration
- The Hive Blockchain firm, dedicated to Bitcoin mining, will expand its stock of machines to almost 10,000 ASICs.
- The 6,400 machines that it will buy from Canaan Creative are of the AvalonMiner 1246 model.
- With them, your computing power will increase to about 1,200 Petahash per second.
- Hive Blockchain’s shares on the exchange, after changes in recent months, began to rise from $ 0.50 to $ 3.40.