Canada-based crypto miner HIVE Blockchain has entered into twin agreements on 7th March as per a press release. One of them is a purchase deal inked with one of the largest chip-making firms Intel Corporation to acquire its ASIC chips. Another was a Letter Of Intent [LOI] signed with a Texas energy firm to host its first ever 100 megawatt of mining capacity in the nation.
As previously reported by TronWeekly, Intel unveiled its energy-efficient new Bitcoin mining chips on last month as part of its efforts to harness the fiercely competitive mining industry. The chip was dubbed as the “Bonanza Mine” (BMZ1) along with a mining rig. Apart from that, it is also reportedly working on a second-generation model of BMZ1.
Coming back to the deal, Frank Holmes, the Executive Chairman said he is thrilled to see the HIVE executive team work together to strategically position the firm to expand into the US with two significant deals.
Moreover, the crypto firm has entered into a manufacturing agreement with an ODM [original design manufacturer] who will integrate Intel’s blockchain accelerators into an air-cooled Bitcoin mining system. As per the P.A, HIVE’s engineering team would provide their expertize in hardware and software implementation and will work closely with Intel and the ODM partner on the systems integration.
“These miners are expected to be delivered over a period of one year starting in the second half of calendar 2022, the effect of which, if they are all installed, would be an expected increase of up to 95% in our aggregate Bitcoin mining hashrate from 1.9 Exahash per second.”
HIVE’s 100 MW of Renewable Energy in Texas
With regards to LOI agreement with Compute North, HIVE aims to expand its footprint with the development of numerous new facilities in the United States taking advantage of the texas-based semiconductor manufacturer’s sustainable and large-scale computing infrastructure.
Accordingly, the Company is planning for a 100 MW deployment at one of Compute North’s renewable energy campuses in Texas. Further details will be announced in due course of time. Completion of the transactions contemplated by the LOI are subject to receipt of all regulatory approvals including the approval of the TSX Venture Exchange.