Hive Blockchain Pushes Computing Power To 1,229 PH/s With Purchase Of 6,400 Additional Miners

Hive Blockchain (TSXV: HIVE) is looking to once again upgrade its computing power for the purpose of cryptocurrency mining, announcing today that it has acquired additional miners with a total of 576 PH/s computing power. The purchase results in the company exceeding its 1,000 petahash per second goal for 2021, with the company now targeting 2,000 petahash per second in capacity by the end of the calendar year.

The company managed to add 576 PH/s in computing power throuh the purchase of 6,400 Canaan AvalonMiner 1246 miners, which once installed will push the firms total capacity to 1,229 PH/s, or 1.229 Exahash per second (EH/s). The new equipment is to be delivered in eight separate tranches throughout 2021, with an initial 500 slated for May and June delivery, while 900 will then be delivered each month thereafter until the order is fulfilled.

While the purchase is significant for the company given that it will effectively double its operating capacity once installed, the purchase price of the equipment was not provided. The news follows a similar announcement made earlier this month, wherein the company announced it was adding 334 PH/s of computing power via the purchase of 4,180 WhatsMiner M31S miners.

The firm is now targeting total computing power of 2,000 PH/s by year end, double the initial target of 1,000 PH/s.

Hive Blockchain last traded at $2.94 on the TSX Venture.

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