Hive Purchases 4,000 Bitcoin Mining Machines From Canaan

HIVE Blockchain, a publicly-traded bitcoin mining company, has placed an order for 4,000 machines with Canaan, a China-based publicly traded bitcoin mining hardware manufacturer.

Canaan announced the news on Tuesday, stating that the combined hash rate of the 4,000 machines is 272 petahash per second (PH/s). Canaan made no mention of the machine’s model or the order’s value. The machines will be delivered to HIVE in two batches over the next 60 days — 2,000 in August and 2,000 in September.

HIVE currently operates at a total hash rate of 925 PH/s for Bitcoin. The firm anticipates that the hash rate will reach 1 exahash per second (EH/s) by August. HIVE currently earns $550,000 per day from its Bitcoin and Ethereum mining operations, equating to a $200 million annual run rate. The company stated that it intends to continue using cash flow to acquire additional machines in order to boost revenue.

HIVE’s headquarter is in Vancouver, Canada, and the company operates mining operations in Canada, Sweden, and Iceland. The company went public in 2017 and is now traded on the Toronto, Nasdaq, and Frankfurt stock exchanges.

Following China’s crackdown on the domestic crypto mining industry, non-Chinese crypto mining firms are increasingly investing in equipment to scale their operations. As The Block recently reported, these firms are poised to capture a larger share of the bitcoin mining market in the near future.

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