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Powered by Intel processor
HIVE Blockchain Technologies, a publicly traded crypto asset (virtual currency) mining company based in Canada, recently issued its latest earnings report, saying it is running a new mining machine powered by Intel processors. Revealed.
The mining machine, called HIVE BuzzMiner, was originally designed by Hive using an Intel processor for Proof of Work (PoW) stock mining.
Hive has placed a production order for 5,800 Hive BuzzMiners. So far, 1,423 units have been received and installed. An additional 987 units will be deployed by January 15, with the rest of the mining machines expected to ship by the end of this month.
Hive began operations to supply this proprietary machine in March 2022. At the time, Hive executives estimated that integrating Intel processors into air-cooled bitcoin (BTC) mining machines would boost bitcoin mining hashrates by about 95%.
What is hash rate
Mining mining speed. In Japanese, it is expressed as “mining speed”. The unit is “hash/s”. “s” stands for “second” and represents “how many calculations can be done per second”. It is used as an index to show the processing power of mining equipment and how fast cryptocurrency mining is done.
Cryptocurrency Glossary
Hive is in the process of introducing the latest mining machines in addition to the Hive BuzzMiner. Bitmain announced in December last year that it would deploy 3,570 S19j Pro miners, of which about 2,050 have been deployed and the rest are expected to be installed around the 13th.
Replacing conventional machines with these new mining machines is expected to increase bitcoin mining efficiency and reduce the cost of bitcoin production during a market downturn.
Enhanced machine performance monitoring
Hive President Aydin Kilic said the company has updated the software that monitors the performance of its mining machines.
You’ll be able to get a detailed view of each machine’s performance and carefully study overall efficiency to ensure maximum profitability even during Bitcoin’s bear market.
As we expand our hashrate, we continue to strive to optimize the operation of our mining machines to ensure bitcoin production and lead the industry in performance.
Hive also announced the production volume of Bitcoin. Approximately 214 BTC (market price equivalent to 500 million yen) was mined in December last year. In 2022 as a whole, 4,752 BTC equivalent (market price equivalent to 11.6 billion yen) will be mined, an increase of 18% from the previous year.
Hive’s stock rose 74% from the previous week on Wednesday, driven by the introduction of Hive BuzzMiners, powered by Intel processors that deliver “massive efficiency gains,” and data on slowing inflation.
Source: Tradingview
Relation: Financial market tankan on the morning of the 13th | CPI declining trend Cryptocurrency mining stocks soared Dollar yen sharp drop
Mining companies in trouble
On the other hand, many cryptocurrency mining companies are in a difficult situation due to the sluggish market and rising electricity prices.
As of September 30, 2022, Core Scientific, a U.S. listed company, owes approximately ¥174 billion in debt, and in December declared bankruptcy based on Chapter 11 of the U.S. Bankruptcy Code (Chapter 11). applied.
The likes of Greenidge and Argo Blockchain are also moving toward debt restructuring and asset sale negotiations.
Relation: Debts of virtual currency mining companies total over 500 billion yen
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