Canadian crypto miner HIVE Blockchain said on Monday that it has signed a deal with chipmaker Intel to purchase the company’s new ASIC chips for use in manufacturing mining equipment. HIVE said the deal was part of its plans to broaden into the United States.
The company also declared an initial deal with mining infrastructure provider Compute North to host 100 MW of mining capacity at a renewable energy facility in Texas.
Intel deals with nearly double HIVE’s BTC mining price
HIVE said the new equipment will be transmitted from the second half of 2022 and, when installed, will increase its bitcoin mining hash rate to 95%. The miner said it also had an original design with the manufacturer to build custom equipment integrating Intel’s chips.
Hive currently mines Bitcoin, Ethereum, and Ethereum Classic. Its combined liquid BTC and ETH holdings had a gross value of approximately $168 million as of December 31.
Intel made its first foray into blockchain technology by unveiling the new chips last month. The chipmaker claimed that the new silicon chips would perform 1000 times better than the existing hardware used in mining.
Intel also said that Argo Blockchain and Jack Dorsey’s Blockchain Inc will be the first to receive the new chips later this year. ASICs, or Application-Specific Integrated Circuits, are a type of chips designed with very specific applications in mind, in this case, crypto mining.
Hive widens to the United States
The company said HIVE’s deal with Compute North marks its first step in the United States. With the recent concerns over the carbon footprint of crypto mining, the operation will be powered completely by renewable energy.
Last year, the company gained a U.S stock listing on the Nasdaq Exchange. Its main listing is in Canada, on the Toronto Exchange. The firm presently has data centers in Canada, Sweden, and Greenland.