There was a time back in 2008 when Bitcoin (BTC) had not even been launched and people thought of it as some sort of game. At that time, there were several tech-savvy and computer geeks who started mining Bitcoin (BTC) just for the sake of fun.
Then the Bitcoin (BTC) was launched in 2009 and things started to take shape for the cryptocurrency. However, the growth displayed by Bitcoin (BTC) was too small and limited, and its value was almost zero at the very beginning.
With the passage of time, as Bitcoin (BTC) started gaining recognition and user-base, the options for purchasing, selling, and exchanging Bitcoin (BTC) emerged. Before this, the only way to acquire Bitcoin (BTC) was to mine it but people seeing no use to it stopped mining it.
When Bitcoin (BTC) started gaining too much recognition and its prices soar in 2017 that is when the Bitcoin (BTC) marathon began. It had no longer remained a competition between individuals but countries as China started mining Bitcoin (BTC) on an extremely large scale.
As of now, 34% of the entire world’s Bitcoin (BTC) is being mined by China. With the Bitcoin (BTC) industry growing enormous and its prices also hitting all-time highs, Bitcoin (BTC) mining companies and institutions have also started mining the cryptocurrency.
There are several Bitcoin (BTC) mining companies that have started adding more Bitcoin (BTC) mining machines and upgrade their technologies to improve Bitcoin (BTC) mining.
One such firm is the Hive Blockchain that has really made a huge investment in acquiring machines for mining Bitcoin (BTC). The Hive Blockchain announced that it has carried out a purchase of 6,400 machines for mining Bitcoin (BTC). The purchase has been made by the Hive Blockchain from Canaan (CAN).
With the recent purchase made, Hive Blockchain has come closer to meeting its goal of achieving 1,000 PH/s by the end of 2021. The blockchain has revealed that once it acquires the machines and deploys them, its Bitcoin (BTC) mining hash rate will be down to 1,229 petahash per second (PH/s).
Towards the end of the year 2020, the Hive Blockchain communicated to the entire community that its goal is to achieve a 01,000 PH/s hash rate by the end of the year 2021.
Back in 2020, Hive Blockchain had acquired a total of 3,500 machines for mining Bitcoin (BTC). This year, the first purchase made by the Hive Blockchain has already broken its record for the past year.
The delivery of the Bitcoin (BTC) mining machines will be carried out throughout the month of May 2021. Once delivered, the next month (June) will be dedicated to deploying the machines. At the beginning of the year 2021, the Hive Blockchain had also announced that its market value had reached $1 billion.