Hive Blockchain, a Bitcoin mining company, has seen a significant surge in its share value, with an increase of over 100% year-to-date. Specifically, between January 3rd and January 13th, 2023, the company’s shares rose by 104.6%.
Starting at $1.53, the value of a single share reached $3.13 just ten days later, reaching a peak of $3.18 on January 12th. This impressive performance is likely due to the company’s recent adoption of Intel’s Blockscale chip for its mining machines, which is expected to increase the efficiency of its mining operations.
Bitcoin Miner deployed Intel’s (INTC) Blockscale chips
HIVE Blockchain announced in a press release on January 13th that it has successfully deployed its commercial version of the HIVE BuzzMiner, powered by the Intel Blockscale ASIC.
The deployment follows months of planning, engineering development, quality assurance processes, field testing, and global collaboration.
Frank Holmes, the Executive Chairman of HIVE, stated that the company has always been focused on innovation as a technology company.
He highlighted that HIVE was the first public crypto miner to be green energy-focused, the first to mine both Bitcoin and Ethereum, and the first to own and build data centers. He added that the company is now the first public crypto miner to deploy its own ASIC mining rig.
He said:
The HIVE BuzzMiner is our testament to Proof-of-Work being the most secure and robust consensus mechanism for digital assets, of which Bitcoin is the most secure.
The firm’s President & COO, Aydin Kilic, expressed his satisfaction with the successful deployment of the commercial version of the HIVE BuzzMiner, powered by the Intel Blockscale ASIC. He highlighted the high quality and robustness of the machine, and what sets the HIVE BuzzMiner apart is its dynamic range of operation.
Kilic added in the statement:
We are able to operate our machines from 110 TH/s to 130 TH/s, allowing us to optimize the profitability of our fleet by varying the power consumption and machine efficiency. Accordingly, our initial build of 5,800 HIVE BuzzMiners, can produce between 638 PH/s to 754 PH/s.
In addition, the company noted that it has successfully deployed over 1,500 machines globally, meeting expected performance targets. Their earlier projections of over 1 Exahash were based on the total allocation of Blockscale chips from Intel to produce 13,000 HIVE BuzzMiners.
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