- HIVE Blockchain Technologies (HIVE) announced the commercial deployment of the HIVE BuzzMiner mining rig powered by the Intel Blockscale application-specific integrated circuit (ASIC)
- HIVE is the first public crypto miner to deploy its own ASIC mining rig
- The company’s initial build of 5,800 HIVE BuzzMiners, can produce between 638 PH/s to 754 PH/s
- 1,500 machines have been deployed globally in the company’s data centers in Canada and Sweden
- HIVE Blockchain Technologies provides infrastructure solutions in the blockchain industry, including the mining of digital currencies
- Shares of Hive Blockchain Technologies Ltd. (HIVE) opened trading at C$4.23
HIVE Blockchain Technologies (HIVE) announced the commercial deployment of the HIVE BuzzMiner mining rig powered by the Intel Blockscale ASIC.
This follows months of planning, engineering development, implementing factory QA processes, field testing and global collaboration.
Frank Holmes, Executive Chairman, commented on the news.
“HIVE has always sought to innovate as a technology company. Being the first public crypto miner, the first to be green energy focused, the first to mine both Bitcoin & Ethereum, and the first to own and build data centers, we are now very pleased to be the first public crypto miner to deploy its own ASIC mining rig. I am very proud of the hard work of our team.”
He continued,
“Our strategy has always been to realize the best return on invested capital. By vertically integrating our supply chain of ASIC miners, we are executing on our strategy to be the most efficient and agile crypto mining company globally. Additionally, 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. We are proud that our contributions to securing the Bitcoin network can now include the HIVE BuzzMiner.”
Aydin Kilic, President & COO of HIVE, added,
“The HIVE BuzzMiner is a high-quality and robust machine, and we are very pleased with the finished product. Our strategy to vertically integrate our business to include the development and production of our own Bitcoin ASIC miner represents a significant milestone in HIVE’s advancement of our green energy-focused Proof-of-Work initiatives. In addition to having design input and visibility, we are able to optimize the function of the HIVE BuzzMiner to satisfy demand response programs, so we can participate in grid balancing initiatives, which is part of our global energy strategy. What is unique about the HIVE BuzzMiner is the dynamic range of operation. 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.”
The company is happy to announce the performance of the HIVE BuzzMiner, now that over 1,500 machines have been deployed globally in our data centers in Canada and Sweden, has met expected performance targets. The company notes that earlier projections of over 1 Exahash were based on the total ASIC allocation of Blockscale chips with Intel to produce 13,000 HIVE BuzzMiners. To methodically scale the business during the crypto bear market, HIVE’s initial production run for 2022 was set to 5,800 units. Accordingly, this is reflected in the hashrate projections. HIVE retains the option to produce more HIVE BuzzMiners.
HIVE Blockchain Technologies is in the business of providing infrastructure solutions in the blockchain industry, including the mining of digital currencies.
Hive Blockchain Technologies Ltd. (HIVE) Stock opened trading at C$4.23.
