Crypto Miner Hive Blockchain Targets 6 EH/s of Computing Power Funded With New ATM Offering

Mining

Hive Blockchain (HIVE) revealed a plan to roughly double its computing energy, or hashrate, to six exahash/second (EH/s), in a press launch on Friday.

The miner will fund its development goal via an at-the-market (ATM) sale however didn’t specify a timeline for the goal. Hive mentioned it would improve its hashrate from about 3 EH/s to 4 EH/s by the tip of the second quarter with machines it has already bought.

Hive didn’t reply to CoinDesk’s request for extra particulars on the timeline.

Because the crypto winter that noticed many miners battle, with some filling for chapter, thaws, the business is setting its eyes on new development and operational targets.

The miner will promote as much as $100 million widespread shares below its ATM providing, with Canadian funding corporations Canaccord Genuity and Stifel appearing as brokers. Every exahash of bitcoin (BTC) mining computing energy will price $30 million, so the providing might fund as much as 3 EH/s of development.

The Canadian miner additionally mentioned it has bought 1.26 EH/s of recent technology machines. That features 0.71 EH/s of Bitmain Antminer fashions whereas the remaining is made up of Hive’s customized rigs made with Intel (INTC) semiconductors. Intel discontinued the mining chip collection in April.

The agency emphasised the ability effectivity and buy value of its mining rig fleet that may hopefully “optimize near-term reimbursement of our investments from cashflow working these machines,” mentioned the press launch.

Hive mines each bitcoin and different crypto tokens utilizing graphics-processing models that it repurposed from ether (ETH) mining after the Merge. As of the tip of April, its hashrate was made up of three.14 EH/s of bitcoin computing energy and 0.16 EH/s of GPU mining.

Learn extra: Ex-Ethereum Miners Token Hop to Keep Alive After the Merge