Hive Blockchain Purchases 6,400 Bitcoin Miners From Canaan; Aims to Hit 2021 Goal

Hive Blockchain, the Vancouver listed crypto mining firm, has announced the purchase of 6,400 Avalon Miner 1246 machines from Canaan Creative. This new purchase is part of its 2021 goal to scale its mining capacity beyond 1,000 Petahash per second (PH/s).

The new mining machines will increase Hive Blockchain’s mining power by an aggregate of 576 PH/s, bringing the total to 1,229 PH/s once the machines are delivered and deployed. Hive said that newly acquired miners would be delivered in 8 tranches within the course of 2021.

“Based on the orders that have been placed, this new equipment is expected to be delivered in 8 tranches in 2021, with 500 miners delivered in May and June and 900 miners delivered each month in the remainder of calendar 2021 commencing with the July delivery.”

Hive anticipates that the 1,000 PH/s targets will be achieved sooner than expected with the order already in place. The firm is now eyeing a new goal of 2,000 PH/s by the end of the year, a milestone that could further spur its overall market value.

Meanwhile, Canaan Creative, which reported a Q3 net loss of $12.3 million, might find some reprieve following the new order. Earlier on, the firm’s CFO Quanfu Hong had expressed optimism in a market bounce back as the world gets back to its feet.