Hive Blockchain Explores Other Mineable Coins Ahead Of ETH Merge

Crypto mining firm, Hive Blockchain, is working to replace Ethereum mining with other mineable coins. The company is undertaking this project if ETH finally transitions to the PoS (proof-of-stake) consensus mechanism. 

Hive Working To Optimize Its ETH Mining Capacity 

On September 6th, the Canadian-based crypto mining company stated that it has been working on other coins that it can using its GPU stash. This news is coming as the Ethereum community looks forward to the Merge next week.

According to the firm’s production update, it started beta-testing different GPU-mineables earlier this week. Also, the company technical division team is working on a new strategy.

This new strategy would optimize the company’s ETH mining capacity. Currently, the capacity is about 6.5 terahashes per sec.

“The firm is aware that Ethereum might switch to the PoS by mid-September. Also, we envisage a competitive landscape where only efficient GPU mining equipment would prevail,” the company stated.

According to Hive, its Boden facility in Sweden is among the largest ETH mining sites globally. The electricity usage is about $0.03 per Kilowatt hour.

Moreover, the firm believes it has the capacity to navigate the mining market despite Ethereum’s transition to PoS. Hence, it is testing other coins it can mine with its GPU miner.

Hive Blockchain Hodl Mined BTC Despite Market Crisis 

In addition, the company reported that its ETH mining operation has increased. The revenue produced from ETH mining is about four times that from BTC mining, the company added. 

Meanwhile, the firm has sold some of its mined Ethereum recently. The aim was to fund its BTC mining program expansion using the latest gen of Application-Specific Integrated Circuits. 

As of August 31st, the company had about 5,100 ETH, while it had over 3,258 BTC. Hive Blockchain mined over 290.4 BTC in August, with an average of 9 BTC per day despite BTC’s mining difficulty. 

Despite the market crisis, the company is among the few to hodl their mined BTC. The latest news comes as the long-awaited ETH Merge draws near. 

The Merge, which would take place on September 15th, would change Ethereum’s consensus mechanism from the PoW to the PoS. 

On September 6th, the Ethereum team launched the Bellatrix upgrade on the Beacon Chain. This upgrade brings the Ethereum network closer to the Merge. 

Meanwhile, various platforms have already started making plans ahead of the Merge. Platforms like Aave have paused Ethereum lending recently. This is due to the large number of users borrowing Ethereum tokens.

Leave a Reply

Your email address will not be published.


South Korea Implements Guidelines for Security Token Regulation

Adoption of Blockchain-based IDs Phasing Out Physical IDs Security Token Regulation South Korea’s Financial Services Commission (FSC) published new guidelines on Monday stating that FSC will regulate digital securities or blockchain-based tokenized assets according to the capital market rules. The highly anticipated regulations are to institutionalize with the legislators of the country’s National assembly laying […]

Post-Fed Analysis on Altcoins and Other Cryptos

Cardano’s bullish rise in the past days Bitcoin prices fallout Impact of the NFP Report on the cryptocurrency Cardano’s Bullish Rise Small coins have gained after the Central banks in Europe, and the UK decided to ease the hiking of high-interest rates.  Currencies such as Cardano increased in New York with gains above 2%, extending […]

Wall Street Ends Week on High Note as Inflation Data Supports Rally in Major Indices

Wall Street closed the week on a high note as corporate and economic data showed signs of decreasing inflation. In addition, the Personal Consumption Expenditures (PCE) index, a key measure of inflation, supported the rally. As a result, the three major indices – the S&P 500, the Dow Jones Industrial Average, & the Nasdaq Composite […]