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Publicly Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU-Minable Coins Ahead of Merger – Mining Bitcoin News
As the cryptocurrency community prepares for The Merge, Nasdaq-listed Hive Blockchain Technologies revealed in the company’s August 2022 production update that it plans to redistribute the hash power dedicated to Ethereum towards “other GPU-minable coins.”
Hive’s technical team is researching other GPU-minable coins
On September 6, Hive Blockchain Technologies (Nasdaq: HIVE ) published the company’s production report for August that talks about a “record monthly BTC production” and the appointment of a new general counsel member. Hive also discussed the upcoming Ethereum network transition from proof-of-work (PoW) to proof-of-stake (PoS).
Hive dedicated 6.49 terahash per second (TH/s) of Ethash hashrate against the Ethereum chain in August and averaged 6.19 TH/si over the past 30 days. The listed miner also talked about the Bellatrix upgrade and the estimated merger date. The company has been preparing for the transition and will dedicate its GPU hashrate elsewhere.
“Hive has already started mining analysis of other GPU-minable coins with its fleet of GPUs, and is implementing beta testing this week, before [The Merge]”, Hive said on Tuesday. “The company’s technical team is implementing a strategy to optimize the hash rate economics of 6.5 Terahash of Ethereum’s mining capacity in the event of Ethereum’s transition to proof-of-stake, across various other GPU-minable coins.”
Most of Hive’s mining capacity is dedicated to mining bitcoin (BTC), but it also noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining “has historically generated 3 to 4 times more revenue per megawatt than bitcoin mining.”
In August, Hive managed to buy 518.8 BTC and accumulated 16.7 BTC per day. Hive claims to have close to 4 exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive said it saw “a peak BTC-equivalent hashrate of 3.92 Exahash in August, with [an] average hashrate of 3.70 Exahash of BTC equivalent hashrate throughout August.”
What do you think of Hive explaining that it has been researching other mineable GPU coins ahead of The Merge? Let us know what you think about this topic in the comments section below.
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