Canaan : HIVE BLOCKCHAIN CONTINUES ITS BITCOIN MINING MOMENTUM BY PURCHASING 6,400 CANAAN AVALON NEXT GENERATION MINERS TO EXPAND ITS CAPACITY TO 1,229 PH/S IN 2021

HIVE BLOCKCHAIN CONTINUES ITS BITCOIN MINING MOMENTUM BY PURCHASING 6,400 CANAAN AVALON NEXT GENERATION MINERS TO EXPAND ITS CAPACITY TO 1,229 PH/S IN 2021

publish date 2021-01-23

As demand for Bitcoin mining continues on its upward momentum in line with the increased demand for mining machines, we are pleased to embark on our partnership with HIVE Blockchain, which will see HIVE purchasing 6,400 Canaan AvalonMiner 1246 Miners. We look to continue supporting HIVE as they focus on new opportunities to increase their Bitcoin mining capacity. The addition of these 6,400 1246 Miners will see HIVE's aggregate operating hash rate from Bitcoin mining increase to an estimated 1.229 Exahash per second (EH/s) or 1,229 PH/s by the end of 2021.

The original article as follow:

Vancouver, Canada - HIVE Blockchain Technologies Ltd. (TSX.V:HIVE) (OTCQX:HVBTF) (FSE: HBF) (the 'Company' or 'HIVE') is excited to announce that it 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.

New Miners

With the addition of these 6,400 Canaan AvalonMiner 1246 Miners, HIVE's aggregate operating hash rate from Bitcoin mining will increase to an estimated 1.229 Exahash per second (EH/s) or 1,229 PH/s by the end of 2021.

Based on the orders that have been placed, this new equipment is expected to be delivered in 8 tranches in 2021, with 500 miners delivered in May and June and 900 miners delivered each month in the remainder of calendar 2021 commencing with the July delivery.

These secured orders are the culmination of the assertive steps that HIVE has taken towards the vision to achieve an aggregate operating hash power of 1,000 PH/s by the end of calendar 2021. With these secured purchases the Company has achieved this monumental goal faster than planned. We are now focused on new opportunities to increase our Bitcoin mining capacity, with a new goal of 2,000 PH/s by the end of 2021.

As we have mentioned before, the COVID-19 pandemic continues to impact logistics and the supply of miners from Asia. Today's announcement is part of our continuing strategy to increase our bitcoin mining capacity. HIVE intends to continue utilizing cash flow to make opportunistic investments in ASIC and GPU next generation mining equipment that can provide positive gross mining margins.