Cryptocurrency Mining Hive Blockchain is working to replace Ether (ETH) mining with other coins, and Ethereum’s upcoming move to Proof-of-Stake, or PoS.
The Canadian crypto mining company has been exploring mining options with its GPU storage ahead of the Ethereum merger, Hive said in its latest product update on Tuesday.
According to the update, Hive has started implementing beta testing of various GPU-mined coins this week as the Ethereum integration PoS is expected to happen in mid-September. Hive’s technical division is implementing a strategy to increase its Ethereum mining capacity in particular, reaching 6.5 Terahaz per second.
“The company welcomes the potential Ethereum integration into proof of stake,” Hive said in the update. He also sees a competitive landscape where GPU miners with the most efficient hardware and lowest electricity costs will win.
Hive mentions that the Sweden-based Boden facility is one of the world’s largest ethereum mining sites. “Hue is well positioned to explore the market going forward,” the company said.
Hive also stated that its Ethereum mining operation has historically yielded three to four times more revenue per megawatt than Bitcoin (BTC) mining. The company is selling the Ether from the mine to expand its Bitcoin mining program with new application-specific integrated circuits. As of August 31, 2022, Hive still holds 5,100 ETH.
Hive continues to dominate its Bitcoin stash, accumulating a total of 3,258 BTC at the end of August. According to the update, Hive has mined 290.4 BTC last month, producing more than 9 Bitcoin per day even after the Bitcoin problem increased on August 28. As previously reported, Hive has become one of the few crypto mining companies that chose to hodl their mines BTC in 2022 in the ongoing crypto winter.
Related: Ethereum to ‘merge’ other coins with miners – Mining CEO
The news comes in the midst of the impending Ethereum merger, a much-anticipated upgrade of the Ethereum blockchain from mining-based proof-of-work (PoW) to mining-free PoS. Tuesday, Bellatrix update he went Live on the Beacon Chain or the network’s PoS chain, which marks another step forward towards Ethereum integration.