Bitcoin Miners Purchase More ASICs From Bitmain And Canaan As Network’s Hash Rate Continues To Rise
- Bitcoin miners continue to grow in the market with large ASIC purchases
- Northern Bitcoin will be purchasing 5,000 new ASIC miners from Canaan Creative and Bitmain
The German Bitcoin (BTC) mining firm Northern Bitcoin has decided to purchase 5,000 ASIC miners from two different manufacturers, Bitmain and Canaan Creative. The information was released by the firm in a press release on July 1st. The decision to make this large purchase comes after the network’s has rate has reached an all-time high.
Bitcoin Mining Company Purchases 5,000 ASIC Miners
The company that is located in Frankfurt and operates in Norway wants to increase its capacity, which is currently operating with 55 petahashes per second. This is just part of the scaling plan that the company implemented focusing on sustainable energy, which began last week.
The CTO of Northern Bitcoin, Moritz F. Jäger, explained that this new acquisition is a great success for the firm.
Mr. Jäger commented about it:
“With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing blockchain industry in the coming years.”
The Bitcoin network hash rate has also been growing during the last months. According to data provided by Blockchain.com, Bitcoin’s hash rate surged above 65 million TH/s, surpassing its previous all-time high in September 2018 when it reached 60 million TH/s. Since December 2018, the hash rate of the network surged over 100%.
In the future, Northern could also open new mining sites around the world, however, they didn’t inform where they are planning to move.
Mining farms have been growing in countries with cold temperatures, stable economies and governments and with cheap electricity. These are very important things to take into account before starting a mining company. Bitcoin is currently being traded around $10,560 and it has a market capitalization of $187 billion.