As demand for Bitcoin mining continues on its upward momentum in line with the increased demand for mining machines, we are pleased to embark on our partnership with HIVE Blockchain, which will see HIVE purchasing 6,400 Canaan AvalonMiner 1246 Miners. We look to continue supporting HIVE as they focus on new opportunities to increase their Bitcoin mining capacity. The addition of these 6,400 1246 Miners will see HIVE's aggregate operating hash rate from Bitcoin mining increase to an estimated 1.229 Exahash per second (EH/s) or 1,229 PH/s by the end of 2021.

The crypto mining industry has had a phenomenal record of growth and innovation over the past decade, but this is just the beginning.

Simultaneously, while there are other mining machines on the market that cater to specific altcoins, ASIC-based miners continue to dominate. With projected optimism for bitcoin continuing into the new year, the mining sector’s future is secure at best. Reflective of the credibility of Proof-of-Work (PoW) as the most tried and tested consensus model in the past decade, ASIC mining machines remain best-positioned to deliver on this ever-increasing demand for computing power.

As 2020 comes to a close with the price of bitcoin showing strong signs of recovery, the future of bitcoin mining looks bright. Just as we recovered from the bitcoin bubble, 2021 will see a brighter outlook as Industry 4.0 continues to see further advancement.