HIVE explained that the company plans to achieve this goal by using a new batch of next-generation ASIC miners and ramping up its existing fleet, which consists of 4,769 S19j Pro+ and Pro units, 1,100 S19 XP units and 5,000 BuzzMiner Plus.
In addition, the company is going to issue $100 million worth of stock to raise additional funds.
It was also announced that Luke Rossy, who previously served as senior developer and operations manager, will be the new vice president of operations.
HIVE began testing its various coin mining equipment last September as the firm looked to replace ether, which will be impossible to mine after the switch to PoS.
Also last year, it was reported that for May 2022, HIVE increased the overall hash rate of its equipment by 8%.