Publicly traded crypto mining company HIVE Blockchain Technology has signed a deal to purchase ASIC chips from semiconductor manufacturer Intel to be used in its new custom mining devices.
HIVE has organized for the new devices to be made by a third-party custom design manufacturer that will integrate the Intel chips into the new air-cooled Bitcoin (BTC) mining devices.
HIVE expects the new devices to nearly double their aggregate Bitcoin mining hash rate from 1.9 to 3.8 Exahashes per second (Eh/s). They will start arriving ready to use from the second half of 2022.
Intel stated in its patent for the chips, called "Bonanza Mine," that the chips also reduce energy consumption of mining operations by 15%. The reduction in power usage may allow HIVE to employ more devices, helping it further increase its contribution to the hash rate.
Aydin Kilic, president and COO of HIVE, suggested that the new devices would be important to the future growth of the company and its hash rate contributions to the network. He said the company is committed to "implementing these next-generation blockchain accelerators into (HIVE's) green energy infrastructure." HIVE Chief Executive Frank Holmes added:
"Intel's commitment to challenging the status quo and commitment to energy efficient products aligns very well with our ESG and clean energy commitment."
At the moment, New York State and several countries around the world are considering banning Bitcoin mining in the name of preserving the environment and energy supply. HIVE may be protected against such complaints regarding its new location in Texas by using a facility powered by renewable energy owned by digital infrastructure company Compute North.
HIVE currently has mining operations in Canada, Iceland and Sweden where it mines BTC, Ethereum (ETH) and Ethereum Classic (ETC). The Texas operation will be the first in the US.
Related: Bitcoin mining difficulty drops for the first time this year
Application Specific Integrated Circuit (ASIC) chips are customized for a particular use. In the case of Bitcoin mining, they are designed to perform complex mathematical equations in order to create new blocks on the chain.
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