HIVE Blockchain Sold 10,000 ETH to Buy Bitcoin Miners from Intel

HIVE Blockchain Sold 10,000 ETH to Buy Bitcoin Miners from Intel

HIVE Blockchain Technologies has used the proceeds from the sale of approximately 10,000 ETH to “fund a strategic relationship with Intel and create new bitcoin miners.” Representatives of the firm justified the decision by the volatility of the second cryptocurrency in terms of capitalization, as well as the fact that it “surpassed bitcoin at the end of last year.”

🔺 “We will continue to sell ETH at strategic times to fund our long-term BTC mining goals,” the company said.
According to them, Ethereum mining is “a highly profitable but less competitive niche.” Income from it can be used to strengthen positions among large bitcoin miners.

📌 HIVE Blockchain also reported an increase in computing power used for mining digital gold – during May, the hashrate increased by 8%. The increase was achieved through the “installation and modernization of equipment.”
In May, the company mined 273.4 BTC and 2694 ETH. At the end of last month, the hashrate for bitcoin mining was 2.18 EH/s, while the figure for Ethereum was 6.26 TH/s.

🔺 “In May, we issued an average of 8.8 BTC per day. We are pleased to announce that we are now producing approximately 9.2 BTC per day, even after the recent increase in difficulty by 5.5%,” said Frank Holmes, CEO of HIVE Blockchain.

☝️ Recall that in March, HIVE Blockchain entered into an agreement with Intel on the purchase of mining equipment based on the ASIC chip developed by the corporation.

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