HIVE, a public Canadian cryptographic mining company Blockchain has booked 4000 Bitcoin mining machines from Canaan Inc.- China Bitcoin Mining Equipment Manufacturer.
Canaan Inc. spoke about the purchase and noted that the total usage hash speed of 4,000 machines is 272 petahash per second (PH / s). Canaan also mentioned that it plans to send the machines to HIVE Blockchain in two batches over the next 60 days – 2,000 machines in August-September.
The order is an addition to HIVE’s previous order placed earlier this year for the 6400 Canaan AvalonMiner 1246 Miners with a combined hash power of 576 PH / s.
Currently, HIVE’s Bitcoin spreading rate totals 925 PH / s. HIVE expects its spread percentage to reach one exahash per second (EH / s) by August by acquiring more mining machinery.
It is not difficult to understand why HIVE has ordered the expansion of its cryptographic mining operations. The Vancouver-based company has other mining facilities in Iceland and Sweden. The cryptographic mining agency wants to succeed in streamlining cryptographic production and increasing revenue.
HIVE was announced in 2017 and is currently listed on the Toronto Stock Exchange, the Nasdaq and the Frankfurt Stock Exchange. The cryptographic mining company generates daily revenues of $ 550,000 from its Bitcoin and Ethereum mining operations, which translates to approximately $ 200 million in annual revenue. The company announced its intention to continue using cash flow to purchase more machinery to increase its revenue.
Cryptographic mining machines are seeing increasing demand
Due to the continued rise in crypto prices, major mining machine manufacturers have had a tight production schedule with orders coming in the hundreds of millions of dollars, mainly from Canada and the United States.
Rising demand Bitcoins has led to an increase in orders for cryptographic mining machines, and Chinese companies are taking the lead in global supply chain production.
Canaan Inc., one of the world’s largest manufacturers of mining equipment, has received more orders from last year, with Central Asia and North America being the main sources of rising demand.
Earlier this year, Canaan Inc. signed a pre-order for 6,000 mining machines with U.S. cryptographic mining giant Core Scientific and 6,400 mining machines with HIVE Blockchain, a Canadian mining company.
The customers are mostly foreign-listed companies, funded companies and multinational companies.
Bitmain, another Chinese manufacturer of Bitcoin mining equipment, also confirmed growing demand, noting that most of its mining equipment has been sold out and is working to increase production.
Market participants believe that the main reason for the recent demand for Bitcoin and other cryptocurrencies is the excess liquidity generated by extremely loose fiscal and monetary policies around the world.
Image source: Shutterstock