While the crypto community prepares for The Merge, Hive Blockchain Technologies, listed on Nasdaq, revealed in the company’s August 2022 production update that it plans to redistribute dedicated hashpower for Ethereum into “other mineable GPU coins”.
Hive Technical Team Researching Other GPU Minable Coins
On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) published the company August production report which talks about the “monthly record” 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 to the Ethereum chain in August and averaged 6.19 TH/s over the past 30 days. The publicly listed mining also talks about the Bellatrix upgrade and the estimated Merge date. The company is already preparing for the transition and will spend its GPU hashrate elsewhere.
“Hive has started analyzing mining of other mineable GPU coins with its GPU pool and is rolling out beta testing this week, before [The Merge],” Hive said Tuesday. “The company’s engineering team is working on a strategy to optimize the hash economy of Ethereum’s 6.5 Terahash mining capacity in the event that Ethereum transitions to proof of stake, across multiple GPU coins with other exploitable.”
Most of Hive’s mining capacity is dedicated to bitcoin mining (BTC) but it also notes that ethereum mining has been profitable. Hive notes that the company’s ethereum mining has “generated 3 to 4 times more revenue per megawatt than bitcoin mining.”
In August, Hive got 518.8 BTC and accumulated 16.7 BTC everyday. Hive claims to have almost 4 exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive said it witnessed “a peak BTC The equivalent hashrate is 3.92 Exahash in August, with [an] average hash rate is 3.70 Exahash of BTC The hashrate was comparable throughout August.”
What do you think about Hive explaining that they researched other mineable GPU coins before The Merge? Let us know what you think about this topic in the comments section below.
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