HIVE bought 3,019 new BTC miners to join the Foundry USA mining pool

BTC mining company HIVE announced the purchase of 3,019 mining machines, which will increase the hash power by 46% and join the Foundry USA mining pool.

BTC mining company HIVE Blockchain announced the purchase of 3,019 MicroBT WhatsMiner M30S mining equipment, increasing its hash power by nearly 46%. These are all mining machines purchased from Foundry Digital, and the mining machines have arrived at HIVE.

Frank Holmes, Executive Chairman of HIVE, said in the statement: “We are very pleased to execute a transaction that can greatly increase mining capacity without any logistics delays. We will enter the North American mining pool and further improve with our partners. The goal of transparency and accountability. Mining computing power is being transferred from the east to the west, and we are delighted to participate in this transfer process.”

Through this acquisition, HIVE and Foundry have formed a deeper cooperative relationship than a monetary contract. As part of the cooperation, the mining company will contribute some BTC hashing power to the Foundry USA mining pool.

Foundry CEO Mike Colyer also commented on the relationship, saying: “I am very pleased that HIVE can become a partner of Foundry USA’s mining pool and continue to play a role in protecting the BTC network.”

After 3,019 new mining machines are fully implemented, HIVE’s hash power may be significantly improved, currently about 566 PH/s. According to the statement, the hash power can climb to 830 PH/s. If the company’s plan is realized, HIVE’s hash power can enter the current top 15 in the world. However, it is not yet clear how much computing power HIVE will contribute as part of the hash rate allocated to the Foundry mining pool.

In addition, HIVE also introduced how the new miners will increase their BTC reserves faster. The company recently obtained approval to list common stock on the Nasdaq. Starting in early 2021, the company wants to hold the newly mined BTC for a long time. BTC miners seem to be forming a trend. More and more people choose to hold BTC and use BTC to support legal currency loans and other strategies to make up for short-term operating expenses.

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