Hive Blockchain Aims for Unprecedented 6 EH/s with Massive $100 Million IPO
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In a press release on Friday, HIVE Blockchain (HIVE) announced its ambitious plan to significantly increase computing power, also known as hashrate, with the aim of reaching an impressive 6 exahash/second (EH/s).
To fund this growth target, the mining company will utilize an at-market (ATM) sale, although no specific timeline for achieving this target was mentioned. HIVE revealed that it intends to gradually increase its hash rate from the current 3 EH/s to 4 EH/s by the end of the second quarter, using machines already acquired.
As the cryptocurrency industry emerges from the challenging phase of the “crypto winter”, which witnessed the struggles and bankruptcies of several miners, new prospects and operational goals are at the center.
Plans to burn the mining industry’s new growth targets
HIVE Blockchain has announced its intention to conduct an ATM offering aimed at selling up to $100 million worth of common stock. The renowned Canadian investment companies Canaccord Genuity and Stifel have been appointed as agents for this significant venture.
With each exahash of Bitcoin (BTC) mining computing power estimated at $30 million, the proceeds from this offering have the potential to fund up to 3 EH/s of growth, propelling the industry forward into a new era of opportunity.
As part of its expansion efforts, the Canadian mining company has acquired 1.26 exahash/second (EH/s) of cutting-edge machinery. Among these, 0.71 EH/s is made up of Bitmain Antminer models, while the rest is made up of Hive’s custom rigs integrated with Intel (INTC) semiconductors.
In particular, Intel discontinued its mining chip series in April. Highlighting the efficiency and cost-effectiveness of its mining rig fleet, HIVE emphasized the potential to optimize short-term return on investment through the cash flow generated by operating these machines.
The press release emphasized the company’s focus on power efficiency and purchase price, laying the foundation for a strategic approach to maximize returns. Following the Ethereum merger, HIVE has successfully reused graphics processing units (GPUs) previously used for Ether (ETH) mining, enabling the company to mine both Bitcoin and various other cryptocurrencies.
By the end of April, HIVE’s impressive hash rate consisted of 3.14 exahash/second (EH/s) of Bitcoin computing power, along with 0.16 EH/s dedicated to GPU mining. This strategic diversification highlights the company’s adaptability and commitment to maximizing mining efficiency across multiple cryptocurrencies.
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