HIVE acquires 6,400 ASIC miners from Canaan

The Toronto Stock Exchange-listed company HIVE Blockchain Technologies has acquired 6,400 AvalonMiner 1246 miners from the Chinese manufacturer Canaan Creative with delivery through the end of 2021.

HIVE has achieved its previously announced 2021 ASIC capacity goal of 1,000 Petahash per second (PH/s) with the purchase of 6,400 Canaan AvalonMiner 1246 next generation miners with an aggregate operating hash power of 576 PH/s. $HIVE.V $HVBTF

📰https://t.co/vYMsVkVHQo pic.twitter.com/9Dr79sv1Or

— H I V E (@HiveBlockchain) January 19, 2021

According to the press release, equipment will be delivered in eight tranches. The company expects the delivery of 500 units in May and June. The remaining part of the order is to be delivered monthly in batches of 900 units, beginning in July.

HIVE expects that once the deployment of Canaan equipment is completed, the company’s hashrate will reach 1.23 EH/s.

The AvalonMiner 1246, from the Chinese manufacturer, was introduced in September 2020. The energy efficiency of the new model is 38 J/TH, and Canaan has closed the gap to the flagship models of technology leaders — Bitmain and MicroBT.

We’re excited to show our A1246. The average hashrate achieved 90.96TH/s with stable running~ Message Us sales@canaan.io #BTC #bitcoinmining

Learn more: https://t.co/IFDKnAramH pic.twitter.com/Wn5oSx7xfn

— Canaan (@canaanio) September 23, 2020

The AvalonMiner 1146 Pro and AvalonMiner 1166 Pro, launched in June, lag competitors in efficiency by about 40%.

In November, HIVE bought and immediately installed 1,240 Whatsminer M30S units from MicroBT, which doubled its hashing power for Bitcoin mining.

In a statement, HIVE said it would continue investing in next-generation mining hardware, including both ASIC miners and GPUs, which are used to mine Ethereum.

As reported, the rise in the price of the second-largest cryptocurrency by market capitalization allowed HIVE to post a profit in the second quarter of fiscal 2021.

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