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Hive to Increase Hashrate Almost 50% With 3,000 New Miners

Hive predicts the purchase will generate an additional $80,000 in daily income.

Jul 12, 2021 at 9:44 a.m. UTC
Updated Sep 14, 2021 at 1:23 p.m. UTC

Cryptocurrency mining company Hive Blockchain has purchased 3,019 bitcoin miners, which it says will increase its operating hashrate by 46%.

  • The MicroBt WhatsMiner M30S machines have a combined hashrate of 264 PH/s, according to an announcement Monday.
  • Hive predicts the purchase will generate an additional $80,000 in daily income.
  • The miners were bought from Foundry Digital, a subsidiary of CoinDesk parent company Digital Currency Group, for an undisclosed amount of cash and 1.5 million warrants giving the right to acquire one common share for C$3.11 (US$2.49) for a period of two years.
  • As part of the deal, Hive is joining the Foundry USA Pool, which also includes Hut 8, Blockcap and Bitfarms.
  • Hive recently made a $66 million purchase of graphics processing units (GPUs), taking advantage of the recent drop in price due to the mining crackdown in China.
  • The Canada-based firm began trading on Nasdaq at the start of this month in addition to its existing listing on the Toronto Stock Exchange.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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