Bitcoin mining firm HIVE orders 4,000 machines from Canaan

Bitcoin mining firm HIVE orders 4,000 machines from Canaan

Publicly traded bitcoin mining firm HIVE Blockchain has ordered 4,000 machines from Canaan, a China-based publicly listed bitcoin mining hardware manufacturer.

Announcing the news on Tuesday, Canaan said the aggregate operating hash rate of the 4,000 machines is 272 petahash per second (PH/s). Canaan did not mention the model of the machines or the value of the order. The machines are expected to be shipped to HIVE in two batches over the next 60 days — 2,000 machines each in August and September.

HIVE currently has a total Bitcoin operating hash rate of 925 PH/s. By August, the firm expects the hash rate to reach 1 exahash per second (EH/s). HIVE currently generates a daily income of $550,000 from its Bitcoin and Ethereum mining operations, translating to an annual run rate of $200 million. The firm said it intends to continue utilizing cash flow to purchase additional machines to increase its revenues.

HIVE is based in Vancouver, Canada, and has mining facilities in Canada, Sweden, and Iceland. The firm went public in 2017 and is currently listed on the Toronto Stock Exchange, Nasdaq, and Frankfurt Stock Exchange.

Non-Chinese crypto mining firms are increasingly investing in equipment to scale their operations following China's crackdown on the local crypto mining sector. These firms are poised to seize a bigger share of the bitcoin mining market in the near future, as The Block reported recently.

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