No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Cryptocurrency miner Hive Blockchain has been working to replace Ether (ETH) mining with other coins as Ethereum moves to Proof of Stake (PoS).
Canadian crypto mining firm analyzes mining options using GPU stash ahead of Ethereum merge, Hive. Said In the latest production update on Tuesday.
According to an update, the Ethereum Merge PoS is scheduled to take place in mid-September, so Hive has started implementing beta tests for various GPU-minable coins this week. Hive’s technical department has a specific strategy in place to optimize the mining power of Ethereum, which reaches 6.5 terahashes per second.
The company acknowledges the possibility of Ethereum being merged into Proof of Stake, Hive said in an update. He pointed out that we are seeing a competitive landscape dominated by GPU miners with the most efficient equipment and lowest power costs.
Hive said its Sweden-based Boden facility is one of the largest Ethereum mining sites in the world, with electricity pegged at around US$0.03 per kilowatt-hour. Hive is well positioned to navigate the upcoming market, the company said.
Additionally, Hive says its Ethereum mining business has historically generated three to four times more revenue per megawatt than Bitcoin (BTC) mining. The company sells mined Ether to fund expansion of its Bitcoin mining program using a new generation of application-specific integrated circuits. As of August 31, 2022, Hive still held 5,100 ETH.
Hive also continued to hold its bitcoin stash, accumulating a total of 3,258 BTC by the end of August. According to the update, Hive mined 290.4 BTC last month and generated over 9 BTC per day, even after Bitcoin’s difficulty increase on August 28th. BTC during the ongoing crypto winter of 2022.
Related: Ethereum Merge To Overwhelm Miners And Other Coins Mining CEO
The news comes amid the looming Ethereum Merge, the much-anticipated Ethereum upgrade set to transition blockchains from mining-based Proof of Work (PoW) to mining-free PoS.Bellatrix upgrade on Tuesday gone It lives on the beacon chain, or PoS chain of the network, and marks another step forward to the Ethereum merge.
