Bitcoin miner Hive Blockchain shares soar over 100% YTD

by Arthur · January 16, 2023

Hive Blockchain, a Bitcoin mining company, has seen a significant increase in its share value, with an increase of over 100% so far this year. Specifically, between January 3 and January 13, 2023, the company’s shares rose 104.6%.

From $1.53, the value of a single share reached $3.13 just ten days later, reaching a peak of $3.18 on January 12. This impressive performance is likely due to the company’s recent adoption of Intel’s Blockscale chip for its mining machines, which is expected to increase the efficiency of mining operations.

Bitcoin Miner Deployed Intel’s (INTC) Blockscale Chips

HIVE Blockchain announced in a January 13 press release that it has implemented its commercial version of HIVE BuzzMiner, powered by Intel Blockscale ASIC.

The rollout follows months of planning, engineering development, quality assurance processes, field testing and global collaboration.

Frank Holmes, Executive Chairman of HIVE, stated that the company has always been focused on innovation as a technology company.

He highlighted that HIVE was the first public crypto miner focused on green energy, the first to mine both Bitcoin and Ethereum, and the first to own and build data centers. He added that the company is now the first public crypto miner to deploy its own ASIC mining rig.

He said:

HIVE BuzzMiner is our proof that Proof-of-Work is the most secure and robust consensus mechanism for digital assets, of which Bitcoin is the most secure.

The company’s president and COO, Aydin Kilic, expressed his satisfaction with the successful deployment of the commercial version of HIVE BuzzMiner, powered by Intel Blockscale ASIC. He highlighted the high quality and robustness of the machine, and what sets HIVE BuzzMiner apart is its dynamic operating range.

Kilic added in the statement:

We are able to operate our machines from 110 TH/s to 130 TH/s, allowing us to optimize the profitability of our fleet by varying power consumption and machine efficiency. Consequently, our first build of 5800 HIVE BuzzMiners can produce between 638 PH/s to 754 PH/s.

In addition, the company noted that it has deployed over 1,500 machines globally, and has met expected performance targets. Their previous estimate of over 1 Exahash was based on the total allocation of Blockscale chips from Intel to produce 13,000 HIVE BuzzMiners.

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