Hive Blockchain Explores Producing Mineable Coins After Ethereum Merge

HIVE Blockchain announced that it will create a number of alternative GPU-mineable currencies when Ethereum switches to Proof-of-Stake after the Merge. 

HIVE Blockchain, a Canadian cryptocurrency miner, revealed its August output results, stating that it mined 290.4 BTC and 3,010 ETH. With an average hashrate of 3.70 Exahash, the company’s equivalent BTC output was 518.8 BTC.

HIVE Blockchain also highlighted the potential of Ethereum’s Merge, adding that there are plans to begin mining a variety of additional GPU mineable coins once the process is done.

Optimizing Ethereum’s Mining Capacity 

According to a report on Tuesday, Hive Blockchain announced that its been researching possibilities for miking with its GPU hoard ahead of the Ethereum Merge. According to the update, Hive began beta-testing several GPU-mineable currencies this week, with the Ethereum Merge PoS slated to take place in mid-September. Hive’s technical division is adopting a plan to maximize its Ethereum mining capability of 6.5 terahashes per second.

It also added that it expects a competitive ecosystem in which GPU miners with the most efficient equipment and the lowest power costs will win. In the report, the mining company announced its weekly production report with incredible numbers. 

Hive Blockchain Producing Great Numbers 

In its latest report, Hive stated that its Boden plant in Sweden is one of the largest Ethereum mining locations in the world, with electricity set at around $0.03 US dollars per Kilowatt hour.

Hive also stated that its Ethereum mining activities have typically earned three to four times the income per kilowatt as Bitcoin (BTC) mining. The firm has been selling its generated Ether in order to expand the Bitcoin mining program with a new generation of Application-Specific Integrated Circuits. As of August 31, 2022, Hive still has 5,100 ETH.

Hive has also kept its Bitcoin stockpile, amassing a total of 3,258 BTC at the end of August. Hive mined 290.4 BTC last month, earning more than 9 Bitcoin each day despite the fact that the Bitcoin’s mining difficulty rose on August 28.

The Canadian business signed an agreement with Intel earlier this year to purchase new ASIC processors. The transaction was part of HIVE’s goal to extend its footprint in the United States. The supply of the “high-performing” gadgets began in the second half of 2022 and will continue until the summer of 2023.