Despite the challenges and turmoil in the cryptocurrency market, operators remain optimistic and forward-thinking about it. Even while it appeared as though mining activity would drop in the aftermath of China’s crackdown last year, recent developments indicate otherwise.
One of the reasons for disapproval of mining activity was excessive energy use. As a result, operators are increasingly exploring for ways to conduct more environmentally responsible and lucrative mining.
One such advance toward more environmentally friendly mining comes in the form of a new Intel “ASIC” chip. HIVE Blockchain Technology is the business spearheading this transition to chip-based mining. They have already inked a contract with Intel Bonanza Mine Chips to purchase these ASIC chips.
According to our sources, HIVE will use customized chips in its mining machines. Additionally, we found that the chips would be integrated into the devices mining Bitcoin.
The Hive Is Expanding With New Devices
According to HIVE, by incorporating the additional devices inside the chips, their hash rate will improve to 3.8 Eh/s. The mining company is currently at 1.9 but is enthusiastic about seeing a change in the near future, beginning in the middle of this year when the devices begin running.
One of the advantages of adopting Intel Chips is their energy efficiency. According to the company, their Bonanza Mine Chips would result in a 15% reduction in power consumption, which will benefit the corporation.
As a result, HIVE is likely to add additional mining equipment due to their low power consumption. Additionally, such moves will result in their hash rate exceeding the target of 3.8.
The company will develop as a result of such efficiency and contribution, according to Aydin Kilic, President and Chief Operating Officer of HIVE. Additionally, the ASIC chips handle difficult mathematical formulae used in BTC mining according to the company’s adaptations. As a result, efficacy is unquestionable.
Concerns Regarding Bitcoin Mining
Apart from China’s strident pressure on mining businesses, other countries intend to follow suit. Consider how many mining businesses fled China for the United States at the period when the issue was raging. Even New York City now wants to halt mining operations owing to the impact on the electricity grid and the environment.
Now that HIVE is attempting to transform its mining operations in Texas through the use of renewable energy, we anticipate that such concerns will be resolved. The mining corporation operates in numerous states and mines a variety of coins.
For instance, they’re operating in Iceland, Canada, and Sweden. Also, they mine cryptos which include Ethereum Classic (ETC), Ethereum (ETH), and Bitcoin (BTC).
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.