Hive Blockchain, a cryptocurrency miner, has been trying to replace the mining Ether (ETH), with other coins in the case of Ethereum’s upcoming transition from proof-of-stake to PoS.
Hive, a Canadian crypto mining company, stated that it has been looking at options to mine with its GPU stash in advance of the Ethereum Merge.
The update states that Hive began beta-testing various GPU-mineable currencies this week. This is in preparation for the Ethereum Merge PoS, which is expected to take place in mid-September. Hive’s technical division has been working to optimize its Ethereum mining capacities, which is 6.5 Terahashes per Second.
Hive stated in an update that “the company acknowledges potential Ethereum Merge-to Proof of Stake.” It stated that it envisions a market where GPU miners with the best equipment and the lowest electricity costs will win.
Hive stated that the Boden, a Sweden-based Ethereum mining site, is one of the most powerful in the world with power at $0.03 U.S. Dollars per Kilowatt hour. The firm stated that Hive was well-positioned to navigate the market ahead.
Hive also noted that Ethereum mining has historically produced three to four times the revenue per megawatt as Bitcoin (BTC). To fund the expansion of its Bitcoin mining program, Hive has been selling its Ether mined to finance a new generation Application-Specific Integrated Circuits. Hive had 5,100 Ethereum as of August 31, 2022.
Hive also kept its Bitcoin stash intact, amassing a total 3,258 BTC at the end of August. The update shows that Hive mined 290.4 BTC in August, which produced more than 9 Bitcoin per hour even though the Bitcoin difficulty rose on Aug. 28. Hive is one of the crypto mining companies that chose to keep their BTC in the crypto winter 2022, as previously reported.
Related: Ethereum Merge to “swamp” other coins with miners — Mining Chief
This news comes amid the Ethereum Merge, a long-awaited upgrade to Ethereum that will move its blockchain away from mining-based proof of work (PoW), to mining-free PoS. The Bellatrix upgrade was made available on Tuesday’s Beacon Chain (the PoS chain of the network), marking another step towards Ethereum Merge.