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

News Feed - 2022-09-07 05:09:42

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, revealed in 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 Other GPU Mineable Coins


On September 6, Hive Blockchain Technologies (Nasdaq: HIVE) published the company’s August production report which talks about a “record monthly 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 toward the Ethereum chain in August and saw an average of 6.19 TH/s during the last 30 days. The publicly listed mining operation also talked about the Bellatrix upgrade and the estimated Merge date. The company has been preparing for the transition and will dedicate its GPU hashrate elsewhere.


“Hive has already commenced analysis of mining other GPU mineable coins with its fleet of GPUs, and is implementing beta-testing this week, prior to [The Merge],” Hive said on Tuesday. “The company’s technical team is implementing a strategy to optimize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity in the event of Ethereum’s transition to proof-of-stake, across various other GPU mineable coins.”


Most of Hive’s mining capacity is dedicated to mining bitcoin (BTC) but it also noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining operations have “historically generated 3 to 4 times more revenue per megawatt than bitcoin mining.”


In August Hive managed to acquire 518.8 BTC and accrued 16.7 BTC per day. Hive claims to have close to 4 exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. Hive said 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.” Tags in this story BTC miner, ETH, ETH miner, ETH Miners, ETH mining, Ethereum, Ethereum mining, Ethereum The Merge, hive, Hive Blockchain, mining operation, nasdaq, Nasdaq: HIVE, Publicly Listed Miner, The Merge


What do you think about Hive explaining that it has been researching other minable GPU coins ahead of The Merge? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Ethereum Classic Hashrate Taps All-Time High Nearing 50 TH/s Ahead of The Merge MINING | 1 day ago Russian Arrested for Defrauding Buyers of Mining Hardware Worth Over $300,000 MINING | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleEthereum Implements Bellatrix — Network’s Upcoming Paris Upgrade to Trigger The Merge, Validator Block Production Next articleTrezor and Wasabi to Implement a Coinjoin Mixing Scheme Into Hardware Wallets Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


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