Hive Blockchain (HIVE) revealed a plan to roughly double its computing energy, or hashrate, to six exahash/second (EH/s), in a press release on Friday.
The miner will fund its progress goal via an at-the-market (ATM) sale however didn’t specify a timeline for the goal. Hive mentioned it can enhance its hashrate from about 3 EH/s to 4 EH/s by the top of the second quarter with machines it has already bought.
Hive didn’t reply to CoinDesk’s request for extra particulars on the timeline.
The miner will promote as much as $100 million frequent shares underneath its ATM providing, with Canadian funding corporations Canaccord Genuity and Stifel performing as brokers. Every exahash of bitcoin (BTC) mining computing energy will price $30 million, so the providing may fund as much as 3 EH/s of progress.
The Canadian miner additionally mentioned it has bought 1.26 EH/s of recent era machines. That features 0.71 EH/s of Bitmain Antminer fashions whereas the remainder is made up of Hive’s customized rigs made with Intel (INTC) semiconductors. Intel discontinued the mining chip collection in April.
The agency emphasised the facility effectivity and buy value of its mining rig fleet that can hopefully “optimize near-term reimbursement of our investments from cashflow working these machines,” mentioned the press launch.
Hive mines each bitcoin and different crypto tokens utilizing graphics-processing models that it repurposed from ether (ETH) mining after the Merge. As of the end of April, its hashrate was made up of three.14 EH/s of bitcoin computing energy and 0.16 EH/s of GPU mining.