September 7, 2022 12:11 UTC
| Updated:
September 7, 2022 at 12:11 UTC
As the cryptocurrency community prepares for The Consolidation, Nasdaq-listed Hive Blockchain Technologies announced in the company’s August 2022 product update that it plans to distribute the hash power assigned to Ethereum to “other GPU-generated coins.”
Hive’s technical team explores alternative GPU available coins.
On September 6, Hive Blockchain Technologies (NASDAQ:HIV) announced the company’s August production report of two “record monthly BTC production” and the appointment of a replacement general counsel. Hive also mentioned the upcoming transition of the Ethereum network from Proof of Work (PoW) to Proof of Stake (PoS).
Hive set a 6.49 Terash Per Second (TH/s) Itash Hashrate for the Ethereum chain in August and has seen an average of 6.19 TH/s over the past thirty days. The publicly listed mining operation has been in talks with Bellatrix for an update and thus a predictable merger date. The corporation has been gearing up for the transition and may be relocating its GPU hardware.
“Hive has begun analysis of mining alternative GPUs with a fleet of GPUs, and is already implementing beta testing. [The Merge]” Hive said earlier in the week. “The company’s technical team is implementing a methodology to improve the hashrate political economy of the 6.5 Terahash of Ethereum mining capacity as Ethereum transitions to proof-of-stake, and on various alternative GPU mining coins.”
Most of Hive’s mining capacity is dedicated to mining bitcoin (BTC); However, it has collectively indicated that Ethereum mining is profitable. Hive says the company’s Ethereum mining operations have “historically generated three to four times more revenue per unit of energy than Bitcoin mining.”
In August, Hive managed to collect 518.8 BTC and added 16.7 BTC per day. Hive claims to own four exahash or 3,900,000 terahash dedicated to the Bitcoin blockchain. As previously mentioned, Hive saw its highest BTC equivalent Hashrate of 3.92 Exahash in August. [an] Average Hashrate 3.70 Exahash BTC Equivalent Hashrate throughout August.
Clark
Head of Technology.