Publicly-Listed Miner Hive Plans to Transfer ETH Hashrate to Other GPU Mineable Coins Ahead of Merge

While the cryptocurrency community prepares for The Merge, the Nasdaq-listed, Hive Blockchain Technologies, disclosed within 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 alternative GPU Mineable Coins

On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) revealed the company’s August production report that talks of a couple of “record monthly BTC production” and therefore the appointment of a replacement general counsel member. Hive conjointly mentioned the approaching 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 toward the Ethereum chain in August and saw a averege of 6.19 TH/s throughout the last thirty days. The in public listed mining operation conjointly talked concerning the Bellatrix upgrade and therefore the calculable Merge date. the corporate has been making ready for the transition and can dedicate its GPU hashrate elsewhere.

“Hive has already commenced analysis of mining alternative GPU mineable coins with its fleet of GPUs, and is implementing beta-testing on, before [The Merge],” Hive aforesaid on weekday. “The company’s technical team is implementing a technique to optimize the hashrate political economy of the 6.5 Terahash of Ethereum mining capability within the event of Ethereum’s transition to proof-of-stake, across varied alternative GPU mineable coins.”

Most of Hive’s mining capability is devoted to mining bitcoin (BTC) ; however , it conjointly noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining operations have “historically generated three to four times a lot of revenue per power unit than bitcoin mining.”

In August Hive managed to amass 518.8 BTC and increased 16.7 BTC per day. Hive claims to own on the brink of four exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive aforesaid 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.”