China-based ASIC hardware manufacturer, Canaan, broadens its bitcoin mining operations into North America with significant order from Hive Blockchain Technologies.
ASIC manufacturer, Canaan, Settles Big Order with Hive Technologies
China-based manufacturer of ASIC hardware, Canaan, is set to expand its bitcoin mining operations in North America following a significant equipment order from Hive Blockchain Technologies. This move reflects the growing recognition of the value in cryptocurrency mining and the potential for expansion in North American markets.
Order Details and Company Facts
The order arranged is for 6,400 bitcoin mining machines, worth an impressive $66 million. Hive Blockchain Technologies, a Canada-based global leader in the business of mining cryptocurrencies, has contracted with Canaan to bolster its ASIC mining operations. This move is seen as a huge vote of confidence in Canaan’s mining equipment.
Canaan Inc, founded in 2013, is a well-established name in the cryptocurrency mining industry, with a substantial market share. It ensures high-performance computing and has a reputation for quality ASIC miners, designed for a range of cryptocurrencies including Bitcoin.
Hive’s Role and Interest in the Deal
Hive has a vested interest in this deal, seeing potential for their expansion in the mining business. Hive uses renewable sources for power generation in the cold climate of Canada, providing a cost-effective and environmentally-friendly solution for cryptocurrency mining.
The deal represents a significant strategic partnership between Hive and Canaan, one that has the potential to reshape the landscape of Bitcoin mining in North America. This collaboration is likely to increase Hive’s operational efficiency and output, making it a key player in the global crypto-mining industry.
The Ongoing Expansion of Crypto Mining in North America
The agreement between Canaan and Hive is indicative of a wider trend in the cryptocurrency mining industry. In recent years, North America has shown great potential and promise for expansion in crypto mining. This aligns with the region’s increasing interest in digital assets and the growing use of blockchain technology across various industries.
With an abundance of resources, infrastructure, and regulatory support, North America is fast becoming a hub of crypto mining activity. This deal is likely to encourage further integration and cooperation between Chinese and North American companies in the digital currency mining sector.
Conclusion
In conclusion, this partnership between Canaan and Hive is set to amplify the mining capabilities of both companies while contributing to the ongoing growth of the crypto mining industry in North America. In the time of blockchain technology advancement and increasing adoption of cryptocurrencies, it is a step that signals strength and confidence.
