The Bitcoin mining company Hive plans to purchase Intel mining chips, revealing a 100 megawatt deployment in Texas


Hive Blockchain Technologies, a publicly traded mining company, announced on March 7 that it had signed a deal with Intel to purchase new ASIC mining chips. The company has also signed a non-binding letter of intent with Compute North and an agreement with an original design manufacturer (ODM). Hive said the company plans to deploy 100 MW of mining capacity at Compute North’s renewable energy facilities in Texas.

The company plans to deploy 100 megawatts of power in Texas using ASIC chips purchased from Intel
The blockchain company and mining operation Hive (TSX.V: HIVE) (Nasdaq: HIVE) has announced a supply agreement with Intel Corporation (Nasdaq: INTC). Intel’s new ASIC mining chips will be used in custom-built equipment developed for Hive. A blockchain startup says it has a manufacturing agreement with an ODM specializing in “electronics manufacturing.”

“Hive’s engineering team will draw on its experience in hardware and software implementation and work closely with Intel and the ODM partner to integrate the system,” the announcement states. “These miners will be delivered over a period of one year starting in the second half of calendar 2022, which, if all deployed, will result in an expected increase of up to 95% in our aggregate Bitcoin mining hashrate from 1.9 exahash per second.”

The company also announced it closed an agreement with Compute North to deploy a 100 MW mining center in Texas in addition to the Intel deal. According to Frank Holmes, Hive’s executive chairman, Compute North “shares the same commitment to using renewable energy that Hive has upheld since it became the world’s first publicly traded crypto mining company.”

Mining firm holds 2,374 bitcoins, Hive joins wave of firms acquiring Intel chips
According to Hive, more details about the 100 MW facility will be announced in the future. Hive purchased many mining rigs from Canaan in the past year, and in mid-October it expanded its data center campus in New Brunswick, Canada, with 40 MW of capacity. The same month, Hive acquired another 6,500 mining rigs from Canaan. Hive has a balance of 2,374 bitcoin (BTC) as of February 28, 2022, and the company produced 244.4 BTC last month.

Moreover, Hive joins firms like Griid, Argo Blockchain, and Jack Dorsey’s Block (formerly Square) that plan to acquire Intel’s ASIC chips. Intel announced its new mining chips in mid-February that it claims will deliver 1,000x better performance than its competitors. At the International Solid-State Circuits Conference (ISSCC) last month, Intel provided attendees with a look at the ‘Bonanza Mine BMZ1’ blockchain accelerator mining chip, as well as the ‘Bonanza Mine BMZ2’.

What do you think of Hive’s plans to buy Intel ASIC chips and build a 100 MW facility in Texas with Compute North? Share your thoughts in the comments section below.