Hive Blockchain Technologies expands its Bitcoin mining abilities by securing new hardware order from Canaan, marking a significant growth in the North American Bitcoin mining operations.
In a significant move towards expansion, Canaan, the renowned Bitcoin mining hardware manufacturer, has secured an essential hardware order from Hive Blockchain Technologies, aiming to bolster the latter’s mining operations across North America.
Details of the Deal
Hive Blockchain Technologies, primarily known for its efficient cryptocurrency operations, has confirmed this development. The deal includes a purchase order for 6,400 Bitcoin mining machines from Canaan, which are scheduled for delivery in the coming months. Hive’s acquisition signifies a major step in its mining operations, projected to increase the aggregate operating hash rate from Bitcoin mining to nearly double the current capacity.
Strengthening North American Bitcoin Mining Operations
The hardware order from Hive is seen as an integral part of North America’s growing prominence in Bitcoin mining, as the region continues to gain global market share. Historically, the Bitcoin mining sector was dominated by China, still home to the majority of the world’s mining power. However, in recent years, North America has been experiencing a surge in mining activities due to its regulatory stability, better infrastructure, and vast resources.
Statement from Hive
Hive’s executive chairman, Frank Holmes, expressed his optimism about the deal in a statement, emphasizing that the company is excited to have secured this major order from Canaan. He also added that this purchase would provide a vital boost to Hive’s mining operations, allowing the company to expand its digital currency operations across different geographies and continue to deliver value to its shareholders.
Canaan’s Role in the Global Bitcoin Mining Sector
As a leading player in the Bitcoin mining hardware industry, Canaan’s products have always been in high demand. This new order from Hive not only reflects Hive’s trust in Canaan’s mining solutions but also emphasizes Canaan’s position in the ever-growing North American market. It is also expected that this deal will bolster Canaan’s revenue and reputation in the international arena.
Future Expectations
Given the current bullish trend in the Bitcoin market, coupled with the ongoing efforts to reduce reliance on China for Bitcoin mining, this deal is expected to set a new trend. It signals a new wave of expansion in the North American Bitcoin mining operations, with more companies likely to follow Hive’s lead in securing additional mining hardware to increase their mining capacities.
The Impact on Bitcoin’s Hash Rate
Additional mining activities in North America can potentially contribute to Bitcoin’s overall hash rate, leading to increased competition in the Bitcoin network. As more miners enter the scene, the network becomes more secure, potentially leading to an increase in the Bitcoin prices in the long term.
Conclusion
The secured order from Canaan marks a significant development in Hive’s Bitcoin mining operations. It not only reinforces the growing trend of North American Bitcoin mining operations but also sets a precedent for other companies to follow. As the Bitcoin market continues its bullish trend, this development is set to make a significant impact on the future of the cryptocurrency industry.
