Cryptocurrency miner Hive Blockchain has worked to exchange the mining of Ether (ETH) along with other coins in case of Ethereum’s approaching transition to proof-of-stake, or PoS.
The Canadian crypto mining firm continues to be analyzing choices for mining using its GPU stash in front of the Ethereum Merge, Hive stated in the latest production update on Tuesday.
Based on the update, Hive began applying beta-testing of numerous GPU-mineable coins now because the Ethereum Merge PoS is likely to exist in mid-September. Hive’s technical division is particularly applying an approach to optimize its Ethereum mining capacity, which comes down to 6.5 terahashes per second.
“The company acknowledges the possibility Ethereum Merge to Evidence of Stake,” Hive stated within the update. It noted it sees an aggressive landscape in which the GPU miners most abundant in efficient equipment and cheapest price of electricity will prevail.
Hive pointed out that it is Norway-based Boden facility is among the largest Ethereum mining sites on the planet, with power fixed at roughly $.03 U.S. dollars per Kilowatt hour. “Hive is well positioned to navigate the marketplace ahead,” the firm stated.
Furthermore, Hive noted that it is Ethereum mining operations have in the past generated 3 to 4 occasions more revenue per megawatt than Bitcoin (BTC) mining. The organization continues to be selling its found Ether to finance growth of the Bitcoin mining program with a brand new generation of Application-Specific Integrated Circuits. Hive still held 5,100 ETH by August. 31, 2022.
Hive has additionally ongoing to carry its Bitcoin stash, accumulating as many as 3,258 BTC through the finish of August. Based on the update, Hive found 290.4 BTC recently, producing greater than 9 Bitcoin each day despite the Bitcoin difficulty elevated on August. 28. As formerly reported, Hive continues to be among the few crypto mining firms that have opted to hodl their found BTC throughout the ongoing crypto winter of 2022.
Related: Ethereum Merge to ‘swamp’ other coins with miners — Mining Chief executive officer
This news comes among the arrival Ethereum Merge, a lengthy-anticipated Ethereum upgrade that’s set to maneuver its blockchain from mining-based proof-of-work (Bang) to mining-free PoS. On Tuesday, the Bellatrix upgrade went survive the Beacon Chain, or even the network’s PoS chain, marking another move ahead to Ethereum Merge.
