HIVE Blockchain Is Searching for Ethereum Mining Alternatives

HIVE Blockchain Technologies Ltd, a cryptocurrency mining firm, is exploring various options to replace Ether (ETH) mining. 

According to the August 2022 product update, the company is searching for “other GPU mineable coins” prior to the highly anticipated Ethereum Merge.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Litecoin? LTC Easily Explained (ANIMATED)

SUBSCRIBE

ON YOUTUBE

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.

It is worth noting that the first step of Ethereum blockchain shifting from Proof-of-Work to Proof-of-Stake began on September 6th with the Bellatrix stage. It is expected that the shift will be completed by September 20th. 

Following the Merge, HIVE technicians aim to optimize Ethereum mining capacity making it 6.5 terahashes per second. The HIVE highlighted that only GPU miners that have the most powerful equipment and suggests the lowest electricity prices will succeed. 

In their report, the company emphasizes that they are “well positioned to navigate the market ahead,” claiming that their Sweden-based Boden facility is “one of the largest single-site Ethereum mines on the planet.” The company claims that it has power fixed at $0,03 U.S. dollars. 

Moreover, in its product update, HIVE claims that it has achieved a record cryptocurrency mining capacity. Based on the report, HIVE mines around 9.4 Bitcoin (BTC) worth around $187,500 and 97 Ethereum (ETH) worth around $161,000 daily. 

According to HIVE, Ethereum mining has reached historical heights making from three to four times more revenue than Bitcoin (BTC) mining. The company claims that during the month of August, it mined around 290 BTC and 3,010 ETH. 

By the end of August, the company is holding 3,258 Bitcoin (BTC), which makes its “crypto wealth” around $73,3 million. Therefore, HIVE can be considered the third-largest crypto mining firm, coming after Marathon Digital Holdings and Core Scientific.