On September 6, the Canadian crypto mining company, Hive Blockchain Technologies Ltd., revealed in its latest production update that the firm is working to replace Ethereum (ETH) mining with other coins and examining ways for mining with its GPU stash before the Ethereum merge.
As the Ethereum Proof-of-Stake merge is supposed to occur in mid-September, starting this week, Hive began executing beta-testing of many GPU mineable coins, according to the update.
Moreover, the technical team of Hive is explicitly executing plans to upgrade its Ethereum mining limit, which adds up to 6.5 terahashes per second.
Hive said in the update, “the firm acknowledges the potential Ethereum Merge to Proof of Stake.” Hive noticed that the GPU miners with the most effective hardware equipment and least expense of electricity would win.
Hive disclosed that its Sweden-based Boden office with power fixed at around $0.03 U.S. dollars per Kilowatt hour made it one of the biggest Ethereum mining destinations on the planet. The organisation also said, “Hive is strategically set up to explore the market ahead.”
Hive also noticed that compared to Bitcoin mining, it’s Ethereum mining activity has produced three to four times more income per megawatt. The organization has been offering its mined Ether to the Bitcoin mining program for financing the development with the new age of Application Specific Integrated Circuits. As of August 31, 2022 Hive actually held 5,100 ETH.
Notingly, towards the end of August, Hive collected a sum of 3,258 BTC and is determined to hold the BTC reserve. As per the update, last month, Hive had mined 290.4 Bitcoin, generating more than 9 BTC/day even after the Bitcoin trouble increased on August 28.
As earlier announced, Hive has decided to HODL their mined BTC in the current 2022 crypto winter, which falls Hive into a few mining organisations that have agreed to do so.
The announcement comes in between the upcoming Ethereum Merge, which is set to move the Ethereum blockchain from the proof-of-work (PoW) to Proof of Stake mechanism.
Bellatrix update went live on the Beacon Chain on September 6, denoting one more step towards the Ethereum Merge.
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