HIVE Blockchain, a Bitcoin mining company, has announced a purchase of 3,019 MicroBT WhatsMiner m30S mining rigs. This will allow HIVE to increase its hashing ability by almost 46%. Foundry Digital is selling the rigs, which are already at HIVE’s facilities.
Frank Holmes, HIVE’s executive chairman, said in the announcement, “We are happy to execute on a transaction which dramatically increases our mine capacity without any logistic delays.”
“Our goal to increase transparency and accountability with our partner is furthered by our entry into the North American mining pool. We are excited to participate in this shift in mining power from East to West.
HIVE has purchased Foundry and formed a partnership with them. This partnership goes beyond the monetary contract. The mining company will donate a portion of its bitcoin hashpower to Foundry USA Pool as part of the partnership.
Foundry CEO Mike Colyer also commented on the agreement. He said that HIVE is a great partner in the Foundry USA Pool and that they are excited to continue their work in the security of the Bitcoin network.
The company could see a significant increase in its hashing power once the 3,019 new devices are fully integrated into HIVE’s operations. It currently averages 566 petahashes per seconds (PH/s), but according to the announcement, it could rise as high as 830.
This hash power boost could allow HIVE to reach the top-15 in terms of hash rate in the world in current terms , if the company’s plans succeed. It is not clear how much of this hashrate could be directly attributed HIVE as Foundry’s mining pool will make up part of it.
HIVE shared that the new machinery will enable the company to rapidly increase its bitcoin reserves. HIVE, which recently received approval to list its common shares at the Nasdaq has apparently adopted a HODL mentality since the beginning 2021 with its mined BTC.
There is a trend among bitcoin miners. They are more likely to keep their BTC and use strategies like bitcoin-backed, fiat currency loans for short-term expenses.
