Hive Blockchain checks out brand-new mineable coins ahead of Ethereum combine

Cryptocurrency miner Hive Blockchain has actually been working to change the mining of Ether (ETH) with other coins in case of Ethereum’s upcoming shift to proof-of-stake, or PoS.

The Canadian crypto mining company has actually been evaluating alternatives for mining with its GPU stash ahead of the Ethereum Merge, Hive stated in its newest production upgrade on Tuesday.

According to the upgrade, Hive began carrying out beta-testing of different GPU-mineable coins today as the Ethereum Merge PoS is anticipated to happen in mid-September. Hive’s technical department is particularly carrying out a technique to enhance its Ethereum mining capability, which totals up to 6.5 terahashes per second.

” The business acknowledges the possible Ethereum Merge to Evidence of Stake,” Hive stated in the upgrade. It kept in mind that it sees a competitive landscape where the GPU miners with the most effective devices and most affordable expense of electrical energy will dominate.

Hive pointed out that its Sweden-based Boden center is among the biggest Ethereum mining websites on the planet, with power repaired at around $0.03 U.S. dollars per Kilowatt hour. “Hive is well placed to browse the marketplace ahead,” the company stated.

Furthermore, Hive kept in mind that its Ethereum mining operations have actually traditionally produced 3 to 4 times more earnings per megawatt than Bitcoin (BTC) mining. The business has actually been offering its mined Ether to money growth of the Bitcoin mining program with a brand-new generation of Application-Specific Integrated Circuits. Hive still held 5,100 ETH since Aug. 31, 2022.

Hive has actually likewise continued to hold its Bitcoin stash, collecting an overall of 3,258 BTC by the end of August. According to the upgrade, Hive mined 290.4 BTC last month, producing more than 9 Bitcoin each day even after the Bitcoin problem increased on Aug. 28. As formerly reported, Hive has actually been amongst the couple of crypto mining business that have actually decided to hodl their mined BTC throughout the continuous crypto winter season of 2022.

Related: Ethereum Merge to ‘overload’ other coins with miners– Mining CEO

The news comes in the middle of the approaching Ethereum Merge, a long-awaited Ethereum upgrade that is set to move its blockchain from mining-based proof-of-work (PoW) to mining-free PoS. On Tuesday, the Bellatrix upgrade went live on the Beacon Chain, or the network’s PoS chain, marking another move on to Ethereum Merge.