Cloud mining company Hive Blockchain have bought and deployed 1240 Bitcoin mining ASIC machines.
According to Asicminervalue, the 1240 MicroBT WhatsMiner M30s cost about $2750 per unit and produce 0.0007 BTC each on daily basis. This might sound great at first, but when we detract the electicity costs it means each unit will product just $2.3 worth of Bitcoin, which calculates to 1191 days ROI
Will these machines pay off?
Considering the hash power renting business model of Hive, they do expect it to pay off sooner than if they were using it just for mining Bitcoin themselves.
Publicly traded shares of Hive had a net income of $1.8 million in Q1, gaining 488%. Currently, the shares are being traded at $0.53
Doubling the hash power
The purchase of 1240 mining units have almost doubled the existant hash power capacities of Hive network, bringing it to 229 PH/s
As the Frank Holmes, chairman of Hive stated, their goal is to acheive 1000 PH/s in the next 12 months.
Will they choose the same machines to achieve their goals? Will these machines be profitable in the long run? The market will decide.
Materials used: Coindesk