Hive Blockchain To Quadruple Its Computing Power To 6 EH/s
- Hive Blockchain has revised its growth objective to 6 EH/s.
- Its short-term goal is to reach 4 EH/s in calendar Q2 2023 by securing orders for 1.26 EH/s of new-generation Bitcoin mining ASICs.
- The company highlighted the power efficiency and purchase price of its mining rig fleet, which should maximize the near-term return of our investments from the cash flow generated by these equipment.
Hive Blockchain, a crypto mining company, revealed intentions to approximately quadruple its computer power, or hash rate, to 6 EH/s.
To fund this project, Hive Blockchain will issue and sell $100 million in common stock. Each exahash of Bitcoin mining power will cost $30 million, allowing the product to finance up to 3 EH/s of growth.
The company’s near-term goal is 4 EH/s for calendar Q2 2023, which will be achieved by secured orders of 1.26 EH/s of next generation Bitcoin mining ASICs, increasing its target hashrate by 33%.
They include the Bitmain Antminer model at 0.71 EH/s, as well as Hive custom miners based on Intel processors. HIVE’s management team has been carefully analyzing ASIC acquisition prospects, allocating resources for orders that would provide the best cash flow return on investment while also bringing more efficient machines to its worldwide fleet.
It has effectively used and continues to refine its hybrid growth strategy, selling Bitcoin when it is accretive to do so or issuing shares to enhance its Bitcoin HODL position.
The company noted that the mining machines’ power efficiency and purchase price are projected to maximize the short-term return on its cash flow investment in running this mining equipment.
Hive Blockchain lost money in the third quarter of its fiscal year due to a 50% decrease in revenue and gross mining margins induced by the Ethereum blockchain’s transition to proof-of-stake validation. The crypto mining company revealed that it mined 787 Bitcoins in the third fiscal quarter ending December 31, 2022.
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