RATE Group | HIVE Blockchain Increases Bitcoin Mining Capacity with First Acquisition of New Mining S…
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HIVE Blockchain Increases Bitcoin Mining Capacity with First Acquisition of New Mining S…

11 May HIVE Blockchain Increases Bitcoin Mining Capacity with First Acquisition of New Mining S…

Posted at 13:25h in Bitcoin News by

The total number of machines utilizing green power to mine Bitcoin at the facility is now approximately 14,750. The new S17+s have increased the Company’s SHA 256 Bitcoin mining computing power by approximately a third to 229 Petahashes per second (PH/s). The Company expects this computing capacity to increase in the near future following the acquisition of additional new machines.

As previously announced by HIVE, in preparation for the halving of Bitcoin rewards anticipated today, the Company is planning to invest at least C$3 million in next generation SHA 256 Bitcoin mining equipment. The cost for these 750 new machines was approximately US$1,425 per unit, or just over US$1 million, financed through the Company’s net cash.

“The halving of Bitcoin rewards effectively cuts in half the diminishing finite supply of newly minted Bitcoin, and is an important milestone for the network,” explained Frank Holmes, Interim Executive Chairman of HIVE. “Bitcoin rewards for miners have…

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