Hive Blockchain Buys 6,400 Mining Machines From Canaan to Reach 1,200 PH/s

Delivery of the new machines is set to start in May.

Jan 19, 2021 at 9:36 p.m. UTC
Updated Sep 14, 2021 at 10:58 a.m. UTC

Publicly traded cryptocurrency mining company Hive Blockchain (HIVE) announced its purchase of 6,400 bitcoin mining machines from Canaan (CAN), a move that will push the company's total hash power past its year-end goal of 1,000 PH/s.

  • Once delivered and deployed, Hive will have an estimated operating hashrate of 1,229 petahash per second (PH/s), putting the company on track to top its 2021 goal of 1,000 PH/s.
  • The order is almost double the less than the 3,500 machines Hive bought all last year.
  • Delivery and deployment of the machines is set to start in May and June with an initial shipment of 500 machines. followed by monthly deliveries of 900 machines for the rest of the year.
  • Along with its plans for continued growth, the Vancouver-based company's market value has soared, reaching $1 billion in early January.
  • Hive shares were largely unchanged, trading around $3.04 at last check, down less than 1% from Tuesday's open.
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