Bitcoin

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

[ad_1]

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.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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.



[ad_2]
Source link

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button