Cryptocurrency miner Hive Blockchain has been working to switch the mining of Ether (ETH) with different cash within the occasion of Ethereum’s upcoming transition to proof-of-stake, or PoS.
The Canadian crypto mining agency has been analyzing choices for mining with its GPU stash forward of the Ethereum Merge, Hive said in its newest manufacturing replace on Tuesday.
In response to the replace, Hive began implementing beta-testing of assorted GPU-mineable cash this week because the Ethereum Merge PoS is anticipated to happen in mid-September. Hive’s technical division is particularly implementing a method to optimize its Ethereum mining capability, which quantities to six.5 terahashes per second.
“The corporate acknowledges the potential Ethereum Merge to Proof of Stake,” Hive mentioned within the replace. It famous that it sees a aggressive panorama the place the GPU miners with essentially the most environment friendly tools and lowest price of electrical energy will prevail.
Hive talked about that its Sweden-based Boden facility is without doubt one of the largest Ethereum mining websites on this planet, with energy fastened at roughly $0.03 U.S. {dollars} per Kilowatt hour. “Hive is properly positioned to navigate the market forward,” the agency mentioned.
Moreover, Hive famous that its Ethereum mining operations have traditionally generated three to 4 occasions extra income per megawatt than Bitcoin (BTC) mining. The corporate has been promoting its mined Ether to fund enlargement of the Bitcoin mining program with a brand new technology of Software-Particular Built-in Circuits. Hive nonetheless held 5,100 ETH as of Aug. 31, 2022.
Hive has additionally continued to carry its Bitcoin stash, accumulating a complete of three,258 BTC by the tip of August. In response to the replace, Hive mined 290.4 BTC final month, producing greater than 9 Bitcoin per day even after the Bitcoin issue elevated on Aug. 28. As beforehand reported, Hive has been among the many few crypto mining firms which have opted to hodl their mined BTC throughout the ongoing crypto winter of 2022.
Associated: Ethereum Merge to ‘swamp’ different cash with miners — Mining CEO
The information comes amid the approaching Ethereum Merge, a long-awaited Ethereum improve that’s set to maneuver its blockchain from mining-based proof-of-work (PoW) to mining-free PoS. On Tuesday, the Bellatrix improve went dwell on the Beacon Chain, or the community’s PoS chain, marking one other transfer ahead to Ethereum Merge.
