Cryptocurrency miner HIVE Blockchain Technology has signed an agreement to purchase ASIC chips from semiconductor maker Intel for use in new specialized mining hardware.
HIVE confirmed that the new hardware was custom-made by a third-party manufacturer that will integrate Intel chips into the new air-cooled Bitcoin (BTC) mining hardware.
HIVE expects the new hardware to nearly double the total Bitcoin hash rate from 1.9 to 3.8 Exahs per second (Eh/s). They will start arriving ready for use from the second half of 2022.
Intel states in its patent for the chips called Bonanza Mine that the chips will also reduce mining power consumption by 15%. Reducing power consumption can allow HIVE to use more devices and contribute more to the hash rate.
Aydin Kilic, President and CEO of HIVE, noted that the new devices will be essential to the company’s future growth and contribution to network hash rate. He said the company is looking to “bring the next generation of blockchain accelerators to green energy infrastructure (HIVE).” HIVE CEO Frank Holmes added:
“Intel’s commitment to challenging the status quo and its commitment to energy-efficient products is in line with our commitment to environmental, social, corporate governance and clean energy.”
New York State and many countries around the world are currently considering banning bitcoin mining in the name of preserving the environment and energy supply. HIVE can be shielded from such complaints about its new Texas location with a renewable power plant owned by Digital Infrastructure Company Compute North.
HIVE currently mines in Canada, Iceland and Sweden where they mine BTC, Ether (ETH), and Ethereum Classic (ETC). The Texas operation will be the first in the United States.
Related: Bitcoin Mining Difficulty Drops For The First Time This Year
Application-specific integrated circuit boards (ASICs) are intended for a specific use. When it comes to bitcoin mining, it is designed to perform complex mathematical equations to create new blocks on the chain.
