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Hive’s Hash Rate To Soar To 50% As 3,000 New Miners Enter The Hive

Hive’s Hash Rate To Soar To 50% As 3,000 New Miners Enter The Hive

The cryptocurrency mining company, HIVE Blockchain, purchased over 3,019 bitcoin miners. Therefore, such a large increment of miners will shoot the operating hash rate by almost 50%. This, according to Hive, will generate an additional $80,000 in daily income. 

The Star Miners

HIVE is purchasing the MicroBt WhatsMiner M30S machines. These powerful machines have a combined hashrate of 264 PH/s, 46% higher than the previous machines. Additionally, HIVE issued an announcement regarding acquiring the machines on Monday. With the addition of these miners, HIVE’s total hash rate increases from 566PH/s to 830 PH/s.

Foundry and HIVE Join Hands

Foundry Digital, a subsidiary of the Digital Currency Group, sold these miners to HIVE. Subsequently, the sale happened through an undisclosed amount of cash, along with 1.5 million warrants issued under the company’s name. To clarify, Each exclusive contract provided an entitlement for the holder to acquire a common share for $2.49 for two years. As part of the deal, Foundry Digital invited HIVE to join the Foundry USA Pool.

The Statements

Frank Holmes, Executive Chairman of HIVE, stated:

 “We are pleased to be executing on a transaction that dramatically increases our mining capacity without any logistics delays. Our entry into a North American mining pool furthers our goal of increased transparency and accountability with our partners. Mining power is shifting from east to West, and we’re excited to be involved.”

Mike Colyer, the CEO of Foundry, also excited to join hands with HIVE, mentioned:

“We are excited to have HIVE as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network.”

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