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Vitalik Buterin: Time will Tell Whether the Hive Blockchain will Surpass Steem

Justin Sun’s entry into Steemit is not going down well with the community. They have created a hard fork of the blockchain and named it Hive. Vitalik Buterin, Ethereum Founder, tweeted that Hive stands a test of time in demonstrating whether self-independence will be achieved. He trusts that the Steemit community seeks to have full autonomy and decentralization through the hard fork.

Vitalik Weighs in on the Hive vs. Steem issue

As per Vitalik’s tweet, blockchain governance ought to be enshrined in autonomy, and this will be achieved if Hive surpasses Steem. This will be a perfect indicator of the community being at the helm as decentralization is not for sale.

The general sentiment of the community towards Vitalik’s tweet was that an 80% drift towards Hive could be witnessed.

The conception of the Hive blockchain

After Justin Sun acquired Steemit, the community members were not impressed, and this is the reason why they created the Hive blockchain as a hard fork of the prevailing Steem code, and the upgrade is scheduled for March 20.

The Hive blockchain is to be entirely decentralized and function out of the confines of the Steem network.

By taking this approach, the message being relayed by Hive entails blockchain-based products being more community affiliated as compared to centralized controllers and investors.

It is also expected that all legit accounts found on the Steem blockchain will attain an airdrop on the Hive network. Nevertheless, members will have to create a new Hive account that will be independent of the Steem one.

The Steemit community has shown its commitment to ensuring that the new chain materializes. For instance, a group of 36 experienced developers is working on Hive.

Justin Sun, the Tron founder, has been making notable steps in the crypto space. As reported by Blockchain.news on Feb 7, he ultimately got his much anticipated $4.57 million USD dinner with Warren Buffet. Nevertheless, it remains to be seen whether Sun’s acquisition of Steemit is a case of biting off more than you can chew.

Image via Shutterstock

Crypto Mining Hive Signed a $66 million GPU Subscription Agreement with Nvidia

Hive Blockchain Technologies Ltd, a Vancouver-based cryptocurrency mining company headquartered in Canada, announced on July 1 Thursday that it has signed a Graphics Processing Unit (GPU) procurement contract worth $66 million with a top-notch GPU inventor Nvidia. The announcement came officially to join the Nvidia Partner Network (NPN) cloud service provider plan.

“Joining the planning of NPN plan this time is to establish a foundation to move Enterprise Cloud services forward with services High-Performance Computing (HPC),” says Hive. Furthermore, the company said becoming a partnership with NVIDIA can facilitate Hive to use its mature ecosystem, deep industry expertise, and good cooperation and customer service system to better its computing infrastructure.

The announcement did not disclose the specific NVIDIA GPU model and related models.

Since Chinese authorities intensified crackdown actions against the Bitcoin (BTC) mining activities, GPUs have dropped in price, and the mining machines have depreciated by nearly 75% since April, as reported before.

The world’s top bitcoin mining machine manufacturer Bitmain Technology Co., Ltd. suspended the sale of mining machines worldwide in response to the Chinese government’s recent crackdown on domestic mining targetting domestic miners.

Although China continues to tighten domestic cryptocurrency mining nationally, NVIDIA will deliver data center-grade GPUs to Hive monthly for the remaining months.

Frank Holmes, the CEO of Hive Blockchain, stated that:

“Investment in Nvidia GPUs strengthens Hive’s ability to remain nimble and gives us the power to pivot in this ever changing and dynamic industry.”

Hive Blockchain Technologies Ltd became the first cryptocurrency mining company to adopt green energy and ESG strategies for the general public since 2017. Hive is not only listed on the TSX.V exchange; Hive officially has started trading under the tick of “HVBT” on the Nasdaq Capital Market Exchange.

Image source: HIVE faceobook page

HIVE Purchases Additional 4,000 New Bitcoin Mining Machines

Public Canadian crypto mining firm HIVE Blockchain has ordered 4,000 Bitcoin mining machines from Canaan Inc.- China’s Bitcoin mining hardware manufacturer.

Canaan Inc. talked about the purchase and stated that the aggregate operating hash rate of the 4,000 machines is 272 petahash per second (PH/s). Canaan further mentioned that it expects to ship the machines to HIVE Blockchain in two batches over the next 60 days – 2,000 machines each in August and September.

The order is an addition to HIVE’s previous order made earlier this year for 6,400 Canaan AvalonMiner 1246 Miners with an aggregate operating hash power of 576 PH/s.

Currently, HIVE has a total Bitcoin operating hash rate of 925 PH/s. HIVE expects its hash rate to reach one exahash per second (EH/s) by August with the additional acquisition of mining machines.

It is not hard to understand why HIVE has placed orders to expand its crypto mining operations. The Vancouver-based firm has other mining facilities in Iceland and Sweden. The crypto mining firm wants to be successful in enhancing its crypto production and making more revenues.

HIVE went public in 2017 and is currently listed in the Toronto exchange, Nasdaq, and Frankfurt stock exchange. The crypto mining firm generates a daily income of $550,000 from its Bitcoin and Ethereum mining operations, which translates to approximately $200 million annual revenue. The company stated that it plans to continue using cash flow to buy more machines to increase its revenues.

Crypto Mining Machines See Surging Demand

Driven by the continuous rise of crypto prices, major mining machine manufacturers have had a tight production schedule with orders valued at hundreds of millions of dollars coming in, mainly from Canada and the US.

The increasing demand for Bitcoins has led to a surge in orders from crypto mining machines, and Chinese firms are taking the lead in global supply chain production.

Canaan Inc., one of the world’s biggest mining hardware manufacturers, has seen an increase in orders since last year, with Central Asia and North America being the major sources of the surge in demand.

In early this year, Canaan Inc. signed an advance order for 6,000 mining machines with Core Scientific, a US crypto mining giant, and 6,400 mining machines with HIVE Blockchain, a Canadian-based mining firm.

The clients are mostly overseas-listed firms, fund-backed companies, and multinational companies.

Bitmain, another China’s Bitcoin mining hardware manufacturer, also confirmed the surging demand, stating that most of its mining machines have been sold out and is working on more production.

Market players believe that the key reason for the recent increased demand for Bitcoin and other cryptocurrencies are the excess liquidity created by ultra-loose fiscal and monetary policies across the world.

NSAV Partners with MNC to Launch First Multi-token Blockchain Home Mining Rig HIVE

Net Savings Link, Inc. (OTC Pink: NSAV), a technology services company for the digital asset industry, announced Thursday a partnership with Metaverse Network LLC (MNC) to release HIVE, the first multi-token-enabled blockchain home mining device.

MNC, a DApp converting diverse users into decentralized will be listed in New York in Q1 2022.

WY Cheung, CEO of MNC stated that:

“We are in talks with additional BTC and ETH physical mining farms, which are now planning to algorithmicize their hash rate and map it into the HIVE soon and expand our DECENTRALIZED ECOsystem This innovative Home Mining breakthrough will eventually be the new standard in the next level of Blockchain Ecology.”

The company claims that new mining developers can experience “1 DEVICE ALL MINE” (multi-chain mining) in their HIVE App version 2.0.

Users can subscribe to the cryptocurrencies listed in the Crypto Store of our HIVE App, and after selection, perform simultaneous mining, including centralized platform coins such as BNB, etc.

“We are delighted to announce this upgrade for HIVE and it will definitely place NSAV in the forefront of the innovative blockchain arena, whilst we are contributing to the Decentralized community with pioneering products like this,” says Senior Vice President of Cryptocurrency Operations from NSAV.

Crypto Miner HIVE Requested for Resubmission of Form 40-F

Hive Blockchain Technologies Ltd, a Vancouver-based cryptocurrency mining company headquartered in Canada, said it received a letter from Nasdaq requesting the company to renew its annual report on Form 40-F (“Form 40-F”).

The letter reads, “due to delays in filing submit plans to meet exchange listing compliance”. Form 40-F includes audited financial statements, the chief executive officer and chief financial officer certification, management discussions, and analysis.

HIVE went public in 2017 and is currently listed on the Toronto exchange, Nasdaq, and Frankfurt stock exchange. The company expects to submit the relevant documents on July 15.

The delay in its annual report on Form 40-F, the company said, will face a shorter deadline for non-VC issuers in Canada due to its listing on U.S. exchanges.

HIVE did not attribute these factors to the recent cold winter in the cryptocurrency market and said it would hire more relevant employees to meet the reporting work that will be foreseen in the future.

The Nasdaq transaction noted that Hive Blockchain Technologies Ltd failed to comply with Nasdaq Listing Rule 5250(c)(1) of its timely filing of a 40-F.

The company is required to resubmit a planned report on pre-compliance with Rule 5250(c)(1) within 60 calendar days. If accepted, Nasdaq may grant the cryptocurrency miner up to 180 calendar days from the due date of its Form 40-F to regain compliance.

The crypto mining firm generates a daily income of $550,000 from its Bitcoin and Ethereum mining operations, which translates to approximately $200 million in annual revenue.

HIVE reported more than $68 million in revenue and more than $64 million in net profit in the third quarter of last year.

Currently, HIVE has a total Bitcoin operating hash rate of 925 PH/s. HIVE expects its hash rate to reach one exahash per second (EH/s) by August with the additional acquisition of mining machines.

Hive Blockchain Generated 465.1 BTC, 2957 ETH in July

Hive Blockchain said it currently holds 3,091 Bitcoin (BTC) and 6,820 Ethereum (ETH) as of August 4, 2022, after producing 278.5 BTC and 2,957 ETH in July.

The crypto-mining firm also said it increased the Bitcoin mining hash rate from 2.2 exahash/s (EH/s) to 2.26 EH/s, and the Ethereum mining capacity from 5.77 (TH/s) in early July ) rose slightly to 6.49 TH/s.

Hive is confident in the face of market volatility, with Aydin Kilic, president & COO of HIVE, saying the company has experienced “crypto winters” before.

Kilic also noted, “we continue to strive for operational excellence, ensuring that as we scale our hashrate, we also optimize our uptime, to ensure ideal Bitcoin and Ethereum output figures.

The company also recently had discussions around a potential Ethereum “merger” into proof-of-stake (“PoS”).

It says demand for GPU-based proof-of-work (“PoW”) mining will continue but acknowledges that there are execution risks but has policies in place for the merger.

PoS blockchains allow network participants to earn rewards by staking crypto assets on-chain. Compared to block rewards being awarded to miners in proportion to their hashpower in PoW blockchains, rewards in PoS are distributed in proportion to users who stake their crypto assets on the network.

HIVE believes that a broadly decentralized PoW blockchain with layer 2 smart contracts has intrinsic value, as most such projects exist on the Ethereum blockchain.

If developers realize that a secure PoW layer 1 blockchain is the best competitive environment for their code-based projects, there may be an increase in layer 2 applications on the Ethereum Classic blockchain after the merger.

In addition to the July report, Hive Blockchain also said it plans to perform GPU optimizations throughout the calendar of 2022.