On October 29, the publicly listed agency Canaan introduced the mining manufacturer has secured a follow-on order from the mining operator Hive Blockchain for 6,500 units of Canaan’s next-generation Avalon mining rigs. Hive expects to extend the operation’s hashrate from 1.2 exahash per second (EH/s) to 3 EH/s by March 2022.
Hive Secures an Order for 6500 Avalon Miners
This week the Nasdaq-listed Hive Blockchain (Nasdaq:HIVE) and Canaan (Nasdaq: CAN) introduced that Hive secured a follow-on purchase order for 6,500 Avalon miners from Canaan. In line with the announcement, the shipment of the 6,500 mining rigs manufactured by Canaan will be shipped in three tranches.
3,000 miners might be delivered in December 2021, 3,100 miners in January 2022, and an additional 400 Avalon miners by February 2022. Hive had already acquired 10,400 miners from Canaan in January and August 2021.
In current occasions, Hive announced the company is setting up expansions to its largest data center campus in New Brunswick, Canada. Hive said it aims to provide the New Brunswick website with 40 extra megawatts. The mining operation mines each bitcoin (BTC) and Ethereum (ETH) and it operates a complete of five mining facilities in countries like Iceland, Sweden, and Canada.
Frank Holmes, the executive chairman of Hive Blockchain mentioned the company is pleased to bolster its relationship with the crypto mining rig manufacturer. “We’re happy to be building on our strategic alliances with leading ASIC producer Canaan to attain our goals and drive value for our shareholders whereas executing on a transaction that increases our cash flow and green mining capacity,” Holmes mentioned in an announcement. The mining operation’s chairman added:
Hive at present has approximately 1.2 exahash per second (EH/s) of bitcoin mining capability, and with this new purchase, Hive’s bitcoin ASIC pipeline might be at 2 EH/s by December 2021, and 3 EH/s by March 2022.
Demand for Bitcoin Mining Rig Shipments Continues
Over the last two months, each bitcoin’s (BTC) and Ethereum’s (ETH) price has made each crypto assets far more worthwhile to mine. BTC’s price has given older generation mining rigs new life and companies that mine crypto assets are taking full benefit. Moreover Hive Blockchain a variety of different firms have been putting orders with ASIC manufacturing companies like Bitmain, Canaan, and Microbt for next-generation units.
At the end of August, Genesis Digital Assets acquired 20,000 bitcoin mining rigs from Canaan, and the company additionally has the option to purchase 180,000 more models from Canaan going forward. Canaan shares are exchanging hands for $8.72 on Friday whereas Hive Blockchain shares are swapping for $3.85 per share. Whereas Canaan’s shares are down 0.19% at the moment, Hive’s shares, on the other hand, are up 0.15%.
Source: Bitcoin News