While the cryptocurrency community prepares for The Merge, NASDAQ-listed, Hive Blockchain Technologies, in its August 2022 production update revealed that it plans to redistribute Ethereum-only hash power to “other GPU-mineable coins.”
Hive’s technical team is researching other GPU-minable coins
On September 6,Hive Blockchain Technologies (Nasdaq: HIVE) released itsAugust production reportand announced that the August production reportHive also discusses the upcoming ethereum network’s transition from Proof of Work (PoW) to Proof of Stake (PoS). It also describes the transition.
Hive dedicated an Ethernet hash rate of 6.49 terahashes per second (TH/s) for the Ethereum chain in August and has seen an average of 6.19 TH/s over the past 30 days. The listed mining operator also discussed Bellatrix upgrades and the expected date for Merge. The company is preparing for the transition and plans to allocate GPU hash rates elsewhere.
“Hive has already begun analyzing mining other GPU-minable coins in its GPU fleet and is conducting beta testing this week ahead of (The Merge).” Hive stated on Tuesday.” The company’s technical team is implementing a strategy to optimize the hash rate economics of 6.5 terahash of Ethereum mining capacity across a variety of other GPU-minable coins, should Ethereum move to proof-of-stake.”
While most of Hive’s mining capacity is dedicated to Bitcoin (BTC) mining, the company also notes that Ethereum mining is profitable. Hive notes that its ethereum mining operations “have historically generated three to four times more revenue per megawatt than bitcoin mining.”
In August, Hive was able to earn 518.8 BTCand generated 16.7BTCper day. 16.7 BTCper day. Hive claims to have 4 exahashes or nearly 3,900,000 terahashes dedicated to the Bitcoin blockchain. Hive states that it “saw a peakof BTC in August with an equivalent hash rate of 3.92 exahashes, an average hash rate of 3.70 exahashes, an equivalent hash rate ofBTCof BTC during August, an equivalent hash rate of “
Image credits: Shutterstock, Pixabay, Wiki Commons
