Canadian Bitcoin miner Hive Blockchain has purchased 6,400 next-generation mining machines from Canaan. Avalonminer 1246 miners will add 576 petahash per second (PH/s) to Hive’s existing hashing power.

● With the addition of new machines, Hive’s total hash rate will increase to an estimated 1,229 PH/s, which greatly exceeds the company’s initial cumulative hash rate target of 1,000 PH/s in 2021.

● Hive said in a statement this week that the equipment will be delivered in eight batches in 2021, with 500 miners being delivered in May and June, and 900 miners a month until the end of the year.

●Hive, based in Vancouver, said that the latest acquisition is twice the number of 3,500 miners added last year. This is part of our strategy to continue to increase Bitcoin mining capabilities. In the quarter of December 2020, the company mined 140 Bitcoins and more than 22,000 Ethereum (ETH).

●According to Canaan’s online store, Avalonminer 1246 is priced at US$1,450 per unit. This miner is the most powerful range of Chinese companies, with a hash rate of 90TH/s.

●Hive operates renewable energy-based mining facilities in Canada, Sweden and Iceland. Hive shares fell 15% in Toronto trading on Thursday, to 2.42 Canadian dollars ($1.91). In the past 52 weeks, the stock has risen to a high of 3.50 Canadian dollars and has fallen to a low of 0.12 Canadian dollars. YTD, Hive has fallen by more than 10%.

What do you think of the Bitcoin miners recently purchased by Hive? Let us know in the comments section below.

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