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Blockchain firm HIVE buys 3,019 miners to increase Bitcoin’s hash rate by 46%

Source: https://bit.ly/3iiqRFV

Hive, one of the largest crypto-mining companies that went public in 2017, has purchased more than 3,000 mining rigs.

The hardware is expected to increase the company’s total Bitcoin hash rate by about 50%.

HIVE buys 3019 mining equipment:

The company announced its latest purchase in a press release issued today, July 12.

The equipment will soon be running at a combined hash rate of 264 petahs per second, which will increase the company’s total hash rate by 46%.

After the recent bitcoin mining difficulty adjustment, which was the largest negative adjustment in bitcoin history, newly purchased mining hardware should generate close to $80,000 per day, the company estimates.

In addition, HIVE has told that it will strongly contribute to the hashing of its BTC.

Frank Holmes, CEO of HIVE commented:

We are happy to execute a deal that significantly increases our mining capacity without any logistical delays.

Our entry into the North American mining pool furthers our goal of increasing transparency and accountability with our partners.

Moving from east to west:

Holmes commented on the latest developments in the field of bitcoin mining, saying that the shift in mining power from East to West is exciting for his company.

More precisely, he was referring to the latest Chinese crackdown.

China was responsible for more than 60% of bitcoin mining until recently, but due to the recent decisions and ban mechanisms, the migration of miners from China began to different regions of the world.

The hash rate has dropped by more than 50% in weeks, resulting in the much-needed difficulty adjustment mentioned above.

In the days following the event, Bitcoin’s hash rate began to recover.

As for the new preferred destinations for miners fleeing from China, they are Kazakhstan, Canada and the United States of America…

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