HIVE to Expand Its Ethereum Mining Capacity by 20%
- The company will spend $200,000 for every additional MW in capacity.
HIVE Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Technologies has announced its plans to expand its Ethereum mining facility in Sweden by 20 percent over the next six months.
The crypto mining company is operating its facility in northern Sweden and operates with GPU-based mining hardware leveraging the cheap hydroelectricity available in the region.
The announcement detailed that the expansion plan will be implemented in two phases over the next six months as it is aiming to expand more than 20 percent of the existing facility.
The company is optimistic that this will increase the gross mining margin profile by leveraging the existing fixed cost base at the facility.
Commenting on the prospect, Frank Holmes, interim executive chairman at HIVE, said: “We strongly believe in the future of Ethereum mining and are therefore strengthening and maximizing our core operation with this project.”
A cost-friendly initiative
HIVE also estimated that the expansion, including capital expenditure and GPU hardware, would cost the company around $200,000 per additional megawatt (MW) of capacity, while during the original development of its facility, the company spent $3.2 million per MW.
With this, HIVE’s Swedish mining facility will increase by 10 percent in size, and the company will leverage its existing relationships with local suppliers, including energy suppliers and facility operator Blockbase Mining Group.
As the crypto market rebounded, the demand in the mining sector is also increasing. Ethereum last month touched $286, however, with the slumping market again, the digital currency is now trading at around $171 apiece, per Coinmarketcap.com.
“It is anticipated the Ethereum network will implement Progressive Proof of Work this year, which would effectively eliminate ASIC mining on the network thereby increasing the relative efficiency of GPU mining facilities,” Holmes added.
HIVE Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamper with. The Evolution of BlockchainBlockchain was originally invented by an individual or group of people under the name of Satoshi Nakamoto in 2008. The purpose of blockchain was originally to serve as the public transaction ledger of Bitcoin, the world’s first cryptocurrency.In particular, bundles of transaction data, called “blocks”, are added to the ledger in a chronological fashion, forming a “chain.” These blocks include things like date, time, dollar amount, and (in some cases) the public addresses of the sender and the receiver.The computers responsible for upholding a blockchain network are called “nodes.” These nodes carry out the duties necessary to confirm the transactions and add them to the ledger. In exchange for their work, the nodes receive rewards in the form of crypto tokens.By storing data via a peer-to-peer network (P2P), blockchain controls for a wide range of risks that are traditionally inherent with data being held centrally.Of note, P2P blockchain networks lack centralized points of vulnerability. Consequently, hackers cannot exploit these networks via normalized means nor does the network possess a central failure point.In order to hack or alter a blockchain’s ledger, more than half of the nodes must be compromised. Looking ahead, blockchain technology is an area of extensive research across multiple industries, including financial services and payments, among others. Read this Term Technologies has announced its plans to expand its Ethereum mining facility in Sweden by 20 percent over the next six months.
The crypto mining company is operating its facility in northern Sweden and operates with GPU-based mining hardware leveraging the cheap hydroelectricity available in the region.
The announcement detailed that the expansion plan will be implemented in two phases over the next six months as it is aiming to expand more than 20 percent of the existing facility.
The company is optimistic that this will increase the gross mining margin profile by leveraging the existing fixed cost base at the facility.
Commenting on the prospect, Frank Holmes, interim executive chairman at HIVE, said: “We strongly believe in the future of Ethereum mining and are therefore strengthening and maximizing our core operation with this project.”
A cost-friendly initiative
HIVE also estimated that the expansion, including capital expenditure and GPU hardware, would cost the company around $200,000 per additional megawatt (MW) of capacity, while during the original development of its facility, the company spent $3.2 million per MW.
With this, HIVE’s Swedish mining facility will increase by 10 percent in size, and the company will leverage its existing relationships with local suppliers, including energy suppliers and facility operator Blockbase Mining Group.
As the crypto market rebounded, the demand in the mining sector is also increasing. Ethereum last month touched $286, however, with the slumping market again, the digital currency is now trading at around $171 apiece, per Coinmarketcap.com.
“It is anticipated the Ethereum network will implement Progressive Proof of Work this year, which would effectively eliminate ASIC mining on the network thereby increasing the relative efficiency of GPU mining facilities,” Holmes added.