Canaan Inc today announced that it has received a purchase order of 4,000 bitcoin mining machines from HIVE Blockchain Technologies Ltd. with an aggregate operating hash power of 272 PH/s.
Canaan did not mention the model of the machines or the value of the order. The Company would ship machines to HIVE in two batches over the next 60 days. This is to say 2,000 machines each in August and September.
This order is an addition to HIVE’s previous order placed earlier this year. The order was for 6,400 Canaan AvalonMiner 1246 Miners with an aggregate operating hash power of 576 PH/s.
HIVE currently has a total Bitcoin operating hash rate of 925 PH/s. By August, the firm expects the hash rate to reach 1 exahash per second (EH/s). HIVE currently generates a daily income of $550,000 from its Bitcoin and Ethereum mining operations. It would translate to an annual run rate of $200 million. The firm said it intends to continue utilizing cash flow to purchase additional machines to increase its revenues.Â
Also Read: Marathon Digital to Buy New Mining Machines From Bitmain
HIVE is based in Vancouver, Canada. It has mining facilities in Canada, Sweden, and Iceland. The firm went public in 2017 and is currently listed on the Toronto Stock Exchange, Nasdaq, and Frankfurt Stock Exchange.
Non-Chinese crypto mining firms are increasingly investing in equipment to scale their operations following China’s crackdown on the local crypto mining sector. These firms are poised to seize a bigger share of the bitcoin mining market in the near future.
