Ben Strack

Hive Blockchain has installed about a quarter of its expected new fleet of customized mining rigs powered by Intel processors — one key component of a push the company said would result in a &#8220;massive efficiency upgrade.”



The Canada-based bitcoin miner moved to set up a supply arrangement with Intel in March 2022. Hive executives said at the time that the company would work with a separate manufacturer to integrate Intel’s blockchain accelerators into an air-cooled bitcoin mining system that, once in place, would boost its bitcoin mining hash rate by roughly 95%.



Now, going on a year since the agreement was made public, Hive has put to work more than 1,400 of the new Intel-driven units — the company calls them HIVE BuzzMiners — the mining operator said this week. A total of 5,800 have been slated for production.



The crypto mining firm’s stock (HIVE) soared some 22% by mid-afternoon Thursday in New York, one of a number of publicly trading crypto companies to book double-digit intraday gains on the heels of <a href="https://blockworks.co/news/cpi-falls-in-december">cooling US inflation</a> metrics released Thursday.&nbsp;



Though the stock has plummeted 76% over the past 12 or so months, the last 30 days have brought about quite the rebound: up roughly 46% from a month ago.&nbsp;



The recent installation of 1,423 HIVE BuzzMiners, as well as 2,050 Bitmain S19j Pro miners, are part of the company’s push to capture market share in the distressed bitcoin (as well as other proof-of-work blockchains) mining sector.&nbsp;&nbsp;



Hive expects all of the 5,800 HIVE BuzzMiners to be manufactured, tested and shipped by the end of January 2023.



A Hive spokesperson did not immediately return a request for additional comment.&nbsp;



Intel said last April that Block, GRIID Infrastructure and Argo Blockchain were signed up to be among the first customers of the newly launched <a href="https://www.intel.com/content/www/us/en/products/docs/blockchain/custom-asic-product-brief.html" target="_blank" rel="noreferrer noopener">Intel Blockscale ASIC</a> product. The ASICs are capable of powering up to 580 giga hashes per second (GH/s) in hash rate and can reach power efficiency of 26 joules per terahash (J/TH) — ranking on the more efficient end compared to a number of competitors. 



Intel Chief Architect Raja Koduri <a href="https://twitter.com/RajaXg/status/1542214091426521089?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1542214091426521089%7Ctwgr%5Ee1c7bc3759da8255bd56f222184367752cba3358%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.theregister.com%2F2022%2F06%2F30%2Fintel_ships_cryptomining_asic_at%2F" target="_blank" rel="noreferrer noopener">tweeted</a> in June that the computing conglomerate had started shipping its Blockscale ASIC to a number of miners.



“Excited to see how <a href="https://twitter.com/ArgoBlockchain" target="_blank" rel="noreferrer noopener">Argo Blockchain</a>, <a href="https://twitter.com/griid" target="_blank" rel="noreferrer noopener">Griid</a> and <a href="https://twitter.com/HiveBlockchain" target="_blank" rel="noreferrer noopener">Hive Blockchain</a> improvise around Blockscale and our open design,” he said at the time.



Intel did not immediately return a request for comment.



Hive’s growth comes during a <a href="https://blockworks.co/news/more-crypto-miner-bankruptcy-2023">tough time</a> for the crypto mining sector. Hive Executive Chair Frank Holmes <a href="https://blockworks.co/news/ex-eth-miner-hive-blockchain-eyes-buying-opportunities-post-merge">told Blockworks</a> in September that Hive had enough cash on hand to pay for the Intel miners — adding that the company was going after other buying opportunities as abandoned machines flooded the market.



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Hive’s ‘Massive Efficiency Upgrade’ Led by Intel-powered Miner Rollout

<div id="highlights-block_6317b5bca0bf5" class="highlights">
 <ul>
 <li>New coins miners such as Hive are likely considering mining ETC and ETHPoW, according to Valkyrie Investments’ head of research</li>
 <li>Hut 8 Mining ready to pivot 180 GPUs mining ether to focus on artificial intelligence, machine learning and visual effects rendering</li>
 </ul>
 
</div>



Hive Blockchain Technologies is plotting out ways to optimize its Ethereum mining capabilities as the blockchain’s <a href="https://cms.blockworks.co/?s=merge" target="_blank" rel="noreferrer noopener">transition</a> from proof-of-work to proof-of-stake quickly approaches. 



The Vancouver-based company is seeking to optimize its 6.5 terahashes of Ethereum mining capacity as the transition gets set to unfold, <a href="https://www.hiveblockchain.com/news/hive-blockchain-provides-august-2022-production-update-record-monthly-btc-production-and-appointment-of-gabriel-ibghy-as-general-counsel/" target="_blank" rel="noreferrer noopener">it revealed Tuesday</a>. Hive has started analyzing mining other coins with its fleet of graphics processing units (GPUs) and is implementing beta testing this week. 



The company did not immediately return a request for comment.



Josh Olszewicz, head of research at crypto fund manager Valkyrie Investments, told Blockworks that miners are likely considering shifting to Ethereum Classic (ETC), ETHPoW, or other proof-of-work chains.



“EtHash [application-specific integrated circuits] (ASIC) miners have begun shifting to ETC because making less profits is better than making none at all,” he said. “GPU miners, not being able to advantageously compete head-to-head with ASIC miners, will likely move to the ETHPoW fork, when that occurs.”



GPU miners have increased flexibility on what they can mine, however, compared to ASIC miners, Olszewicz said.&nbsp;



Hive’s roughly 38,000 Nvidia GPU cards — including the A4000, A5000, A6000 and A40 models — account for about 2.8 terahashes of the company&#8217;s Ethereum hashrate.



“These cards can be used for cloud computing and AI applications, and rendering for engineering applications, in addition to scientific modeling of fluid dynamics,” the company said in a statement.&nbsp;



A portion of the A40 GPU cards are being applied to cloud computing as part of a pilot program at one of its data centers, the crypto miner added.&nbsp;



Hive Blockchain Technologies mined 821 bitcoin and 7,675 ether during the year’s second quarter, the company reported last month. Its overall production of digital currencies increased by 7% quarter over quarter, as it produced 4% more bitcoin and 20% more ether.



The company said that it has sold ether to fund the expansion of its bitcoin mining program with new generation ASICs. Its ETH position sank from 25,000 ETH to 5,100 ETH, as of Aug. 31. The company held 3,258 BTC on that date.&nbsp;



Meanwhile Hut 8 Mining said in <a href="https://hut8mining.com/2022/09/06/hut-8-mining-production-and-operations-update-for-august-2022/" target="_blank" rel="noreferrer noopener">a company statement Tuesday</a> that it installed 180 Nvidia GPUs in its data center in British Columbia last month. 



Currently mining ether, the machines will be designed to pivot to offer artificial intelligence, machine learning or visual effects rendering services to customers.



“We are watching the lead-up to the Ethereum Merge very closely, and remain laser-focused on growing our bitcoin stack while building high-performance computing infrastructure to support the future of the digital asset ecosystem,” a Hut 8 spokesperson told Blockworks in an email.



Hut 8 generated 375 bitcoins in August and held 8,111 BTC on Aug. 31.





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Miners Hive Blockchain Technologies, Hut 8 Prep for Ethereum Merge

Sebastian Sinclair

<div id="highlights-block_62c4d7f0d30b8" class="highlights">
 <ul>
 <li>Blockchain miner HIVE has 60 calendar days to submit a plan to Nasdaq on how it intends to get back on track with its annual filing requirements</li>
 <li>The miner missed its deadline last month, citing difficulties around a shorter filing time for non-venture issuers</li>
 </ul>
 
</div>



Publicly-traded crypto miner HIVE Blockchain Technologies said Monday it has received a letter from Nasdaq requesting the firm submit a plan to regain compliance under the exchange&#8217;s listing rules.



HIVE said it has received a Notification of Deficiency Listing issued by the exchange&#8217;s Qualifications Department following the miner&#8217;s <a href="https://cms.blockworks.co/blockchain-miner-hive-asks-canada-regulators-to-bar-execs-from-trading-stock%EF%BF%BC/" target="_blank" rel="noreferrer noopener">missed annual filings deadline</a> late last month.



Its letter comes as many of the industry&#8217;s top mining firms <a href="https://cms.blockworks.co/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage/" target="_blank" rel="noreferrer noopener">struggle to make ends meet</a> as a result of changing macroeconomic conditions, rising electricity costs and a lower bitcoin price. HIVE has not blamed any of those factors and said the missed deadline stems from a shorter filing deadline for non-venture issuers.



Learn more: <a href="https://cms.blockworks.co/bitcoin-mining-economics-explained/">Is Bitcoin Mining Still Profitable? The Economics Explained</a>



The Vancouver firm has 60 calendar days to submit its plan detailing how it intends to comply with Rule 5250(c)(1). Once the plan has been accepted in full, the miner has up to 180 calendar days from the due date of its annual Form-40F filing to regain compliance, HIVE said in a statement.



Under the rule, &#8220;a company shall timely file all required periodic financial reports with the commission through the EDGAR System or with the other regulatory authority,&#8221; according to the <a href="https://listingcenter.nasdaq.com/ViewPDF.aspx?Material_Search.aspx?mcd=CD&amp;cid=120,1,108,14,34,110,52,71,69&amp;years=2018,2017,2016,2018,2017,2016,2015,2014,2013,2012,2011,2010,2009,2008,2007,2006,2005,2004,2003,2002&amp;sub_cid=&amp;searchkeywords=&amp;exactsearchddvalue=1&amp;Print=N&amp;materials=0&amp;popularfl=#:~:text=Rule%205250(c)(1)%3A%20A%20Company%20shall%20timely,with%20the%20Other%20Regulatory%20Authority." target="_blank" rel="noreferrer noopener">exchange&#8217;s website</a>.



Last month, HIVE said it would miss its June 29 deadline for the fiscal year ended March 31 by more than two weeks and is expected to file come July 15. Its filing includes audited financial statements, chief executive and chief financial officer certifications and management discussion, as well as analyses.



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HIVE clocked more than $68 million in revenue with a net profit exceeding $64 million for the third quarter of last year, according to the company&#8217;s recent <a href="https://www.hiveblockchain.com/medias/uploads/2021_12-31_HIVE_FS_FINAL.pdf" target="_blank" rel="noreferrer noopener">financial statements</a>.



As a result of the delay, HIVE has asked regulators across all provinces and territories of Canada to issue a <a href="https://cms.blockworks.co/blockchain-miner-hive-asks-canada-regulators-to-bar-execs-from-trading-stock%EF%BF%BC/" target="_blank" rel="noreferrer noopener">temporary order</a> inhibiting directors, officers and insiders from trading in HIVE equities.



At the time, the firm blamed a “combination of factors,” including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from that growth.



HIVE&#8217;s share price tumbled more than 10% following the announcement of its failure to meet its annual filing deadline, from $3.43 (4.42 Canadian dollars) to $3.08. The miner&#8217;s share price has since recovered, up nearly 14% on the day, from $2.94 to $3.38. Year to date, HIVE&#8217;s share price is down more than 76%.





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Blockchain Miner HIVE Receives Letter of Deficiency from Nasdaq

<div id="highlights-block_62bcde198fccc" class="highlights">
 <ul>
 <li>The crypto miner said it would miss its annual filings deadline by more than two weeks</li>
 <li>As a result of the delay, HIVE has asked securities regulators across Canada to bar certain employees from trading in its stock</li>
 </ul>
 
</div>



Publicly traded crypto miner HIVE Blockchain Technologies on Wednesday asked securities watchdogs in Canada to bar executives from trading in the company&#8217;s stock due to a delay in its financial statements.



HIVE — a&nbsp;crypto mining firm utilizing hydroelectric power across Canada, Sweden and Iceland — is expected to file its annual filings for the fiscal year by July 15 instead of the originally expected date of June 29.



Audited financial statements, chief executive and chief financial officer certifications and management discussion, as well as analysis, make up the majority of HIVE&#8217;s annual filings.



As a result of the delay, HIVE is asking regulators across all provinces and territories of Canada to issue a temporary order inhibiting directors, officers and insiders from trading in HIVE equities. Once the filings are finalized, the prohibition against company employees is expected to lift.



HIVE&#8217;s share price has since tumbled more than 10% on the day from 4.42 Canadian dollars ($3.43) to $4.01 Canadian dollars, exchange data show.



The firm is blaming a &#8220;combination of factors,&#8221; including a shorter filing deadline for non-venture issuers, a rapid increase in the company’s growth and an increase in the number of transactions resulting from that growth.



&#8220;The company does not anticipate such difficulties with future filings and has made arrangements to satisfy the shorter filing periods for future year-ends, including hiring additional finance staff,&#8221; HIVE said in a statement.



Founded in 2013, HIVE went public in 2017 via the Toronto Stock Exchange, and, at the time, touted itself as the first crypto mining company with a &#8220;green energy and ESG strategy&#8221; to do so. The company recently sold roughly 10,000 ether in a bid to scoop up Intel&#8217;s bitcoin mining rigs amid <a href="https://cms.blockworks.co/crashing-prices-expose-bitcoin-mining-industrys-addiction-to-leverage/" target="_blank" rel="noreferrer noopener">declining prices</a> in a contracting crypto market.



HIVE said it intends to provide updates on a bi-weekly basis, in accordance with national policy, until the filings are completed.



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