While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, Hive Blockchain Technologies, revealed in the company’s August 2022 production update that it plans to re-distribute its hashpower dedicated to Ethereum toward “other GPU mineable coins.”
Hive’s Technical Team Researches Other GPU Mineable Coins
On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) published the company’s August production report which talks about a “record monthly BTC production” and the appointment of a new general counsel member. Hive also spoke out about the imminent transition of Ethereum’s proof-of work (PoW), to proof-of–stake (PoS) network.
In August Hive committed 6.49 terahash (TH/s), which was Ethash hasterate, to the Ethereum chain. This averaged 6.19 THB/s over the 30 last days. The publicly traded mining operator also discussed the Bellatrix upgrade, and when the Merge date is expected. It has been working to prepare for this transition, and it will move its GPU hashrate.
“Hive has already commenced analysis of mining other GPU mineable coins with its fleet of GPUs, and is implementing beta-testing this week, prior to [The Merge],” Hive said on Tuesday. “The company’s technical team is implementing a strategy to optimize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity in the event of Ethereum’s transition to proof-of-stake, across various other GPU mineable 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 operations have “historically generated 3 to 4 times more revenue per megawatt than bitcoin mining.”
Hive was able to purchase 518.8 BTC in August and earn 16.7 BTC each day. Hive claimed to own close to 4 exahash (or 3,900,000 Terahash) dedicated to Bitcoin. 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.”
You think Hive should have explained that it had been looking into other minable GPU coins prior to The Merge. Please comment below to let us know your thoughts on this topic.
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