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Business

Hive Blockchain Orders Another 6,500 Bitcoin Mining Machines From Canaan

The order builds on the companies’ existing relationship that’s seen Hive already buy 10,400 machines this year.

By Tanzeel Akhtar
AccessTimeIconOct 29, 2021 at 12:11 p.m. UTC
Updated Oct 29, 2021 at 12:17 p.m. UTC
(Mark Agnor/Shutterstock)

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Tanzeel Akhtar is a reporter based in London,UK.

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Hive Blockchain Technologies ordered another 6,500 Avalon bitcoin mining machines from manufacturer Canaan (NASDAQ: CAN).

  • The order comes after the Canadian company (NASDAQ: HIVE) bought 4,000 units in August and 6,400 in January.
  • The latest purchase will push Hive’s bitcoin mining capacity to 2 exahash per second by December and 3 EH/s by March 2022, executive chairman Frank Holmes said in a statement. The company currently has about 1.2 EH/s.
  • Canaan is a China-based manufacturer best known for its ASIC mining machines that, during boom times, have seen demand skyrocket as more mining businesses attempt to capitalize on bitcoin’s rising price.

Read more: ASIC Maker Canaan Diversifies Into Bitcoin Mining in Kazakhstan

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Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

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Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

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