Vancouver-based HIVE buys 1,800 Bitcoin mining machines from Bitmain

August 16, 2021

Vancouver-based HIVE Blockchain Technologies Ltd. has announced that it has ordered 1,800 Bitcoin mining rigs from Bitmain Technologies Ltd. These new miners have an aggregate hash power of 180 Petahash per second (PH/s).

The 1,800 miners are the first of Hive’s 2022 mining purchase program and will be delivered in 6 equal tranches of 300 miners. The company will commence the program in January 2022 through June 2022, the company said.

“We are constantly upgrading our ASIC fleet to have the most efficient miners we can buy from cash flow,” said Frank Holmes, Executive Chairman of HIVE. “This purchase with Bitmain enables us to maintain our strategy to diversify the manufacturers we purchase from.”

Over the past year, the company has been expressing concerns about global shortages in chips and logistics delays in shipping equipment from Asia due to Covid 19. “We have deep relationships Bitmain, MicroBT and Canaan which are all top global manufacturers in our industry,” Holmes said.

Today’s miner purchase announcement is a continuation of our monthly strategy to increase our bitcoin mining capacity. HIVE intends to continue to utilize cash flow to make opportunistic investments and upgrade it’s fleet of BTC and ETH mining equipment on a regular monthly basis.

The company currently has 25,000 ETH in cold wallets and 875 BTC. It will continue to hold all of its bitcoins which have been mined with green energy. It’s inventory of coins invested in BTC and ETH are valued at $100 million.

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