Ahead of Merge Hive Intends to Transfer ETH Hashrate to Other GPU Mineable Coins

07-09-2022 By: Rohit Tripathi

While the cryptocurrency community prepares for The Merge, Hive Blockchain Technologies—a Nasdaq-listed business, disclosed in its August 2022 production update that it intends to re-distribute its hashpower devoted to Ethereum to other GPU mineable coins.

On September 6, Hive Blockchain Technologies issued its August production report highlighting a record monthly BTC production and the appointment of a new general counsel member. Hive also talked about the imminent Ethereum network switch from proof-of-work (PoW) to proof-of-stake (PoS).

Hive dedicated 6.49 terahash per second (TH/s) of Ethash hashrate to the Ethereum chain in August, with an average of 6.19 TH/s over the past 30 days. The publicly listed mining company also discussed the Bellatrix upgrade and the projected Merge date. The company has been prepared for the move, and its GPU hashrate will be allocated elsewhere.

According to a statement released on Tuesday, Hive has already begun analyzing various GPU mineable coins with its fleet of GPUs and is introducing beta-testing this week, preparatory to The Merge.

The company's technical team is adopting a plan to maximize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity in the case of Ethereum's transition to proof-of-stake across different other GPU mineable coins in the event of Ethereum's transition to proof-of-stake.

The majority of Hive's mining power is dedicated to mining bitcoin (BTC), however, it is also lucrative to mine ethereum. Hive claims that its ethereum mining activities have historically generated three to four times the revenue per megawatt than BTC mining.

In August, Hive managed to collect 518.8 BTC, averaging 16.7 BTC per day. Hive claims to have approximately 4 exahash (or 3,900,000 terahash) of Bitcoin blockchain storage. Additionally, Hive reported a high BTC Equivalent Hashrate of 3.92 Exahash in August, with an average hashrate of 3.70 Exahash throughout the month.

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