Hive Blockchain Technologies Ltd, a crypto mining company launched in 2017, reportedly has purchased more than 3,000 mining tools. The purchase of the machine is believed to have the company’s overall Bitcoin hash rate of almost 50%.
The company announced its latest purchase in a press release on July 12th. The purchased equipment will be put into use soon, which is expected to drive a 46%increase in the BTC hash rate.
This is seen as a positive sentiment as Bitcoin hash rates have experienced the most falls since last May. Thus with the purchase of this mining machine it not only contributes to the increase in the BTC hash rate but it also increases the company's daily revenue.
In addition, HIVE says it will donate its BTC hash strength to Foundry USA Pool, whose major customers include Blockcap, Bitfarms, and Hut8.
HIVE Executive Chairman Frank Holmes noted that the mining ban in China has caused Bitcoin mining activities to shift to new places. Hence it is an opportunity for his company to take this opportunity.
As is well known that BTC mining in China accounts for 60% of BTC mining. The ban has had a huge impact on the network. The hash rate plummeted more than 50% in a few weeks, causing adjustments to need to be made.
However, starting this July, there have been reports that hash rates are starting to rise and Bitcoin mining is largely shifting to the West. Some of the most popular new destinations include Kazakhstan, Canada, and the US.
