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HIVE Adds Over 3,000 Bitcoin Miners and 46% Hash Power

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Bitcoin miner HIVE Blockchain Technologies has added 3,019 new MicroBT WhatsMiner M30S machines to its fleet. The new additions will boost HIVE's hash rate by around 46%, the company said in an announcement on Monday.

The high-performance machines have an aggregate hash rate of 264 petahashes per second (PH/s). When added to Hive’s 566 PH/s that were already online, the company is now estimated to have a total operating hash rate of 830 PH/s. 

HIVE estimates that at Bitcoin’s current price and difficulty level, the new hash power will bring an additional $80,000 in daily income to the company.

The machines, purchased from Foundry Digital, are already onsite in HIVE's facilities in Quebec and New Brunswick, Canada. HIVE has said it would also be contributing some its Bitcoin hash power to the Foundry USA mining pool going forward. HIVE’s executive chairman Frank Holmes stated that the firm's entry into the North American mining pool furthers its goals of “increased transparency and accountability.” 

“Mining power is shifting from east to west,” Holmes further commented, a trend that has been accelerating in recent months following China's crackdowns on miners.

HIVE is based in Canada, but also operates in Iceland and Sweden. The announcement comes just days after a NASDAQ listing. In line with recent trends among North American miners, HIVE emphasizes its "green energy and ESG strategy" as part of its core business model, as it utilizes primarily geothermal and hydro electricity to power its miners. The company claims to use 100% green and renewable energy sources for its mining operations.

Joshua is a writer and Bitcoin enthusiast. His intellectual interests include geopolitics, philosophy and history. When not writing he enjoys travel and watching basketball.