- Hive Blockchain released its monthly BTC and ETH production reports.
- The crypto mining firm has begun preparing for the upcoming Ethereum Merge.
- It has started to explore other potential GPU mineable coins.
Canadian crypto mining firm Hive Blockchain has commenced looking for other potential mineable coins with the Ethereum Merge at hand.
The transition to proof of stake will put an end to the proof of work consensus and the ETH mining era. The decision to explore other potential GPU mineable coins was highlighted in its latest monthly report. Prior to the merge, it will also start beta testing on other mineable coins this week.
Hive also stated in its report that the GPU miners with the most efficient equipment will survive the market ahead.
The Company notes its Boden facility is one of the largest single site Ethereum mines on the planet, and with power fixed at approximately $0.03 per KWHR, HIVE is well positioned to navigate the market ahead.
The report also highlights that Hive generated 3 to 4x more revenue with Ethereum mining operations as opposed to Bitcoin mining. As of August 31, 2022, Hive also disclosed a HODL’s balances of 3,258 Bitcoin and 5,100 Ethereum. The crypto miner has also produced over 3,010 ETH from its ETH GPU mining.
The preparations by crypto miners are in anticipation of the Ethereum merge that is set to go live between September 10 and 20. The merge is set to be completed in two stages.
The first Bellatrix upgrade, which went live on September 6, will prepare the network for the final merge upgrade, called Paris. Then, the upgrade will put an end to proof-of-work ETH mining, which will replace the miners with stakers.