Hive said that they would deploy their GPU miners to mine other Proof-of-Work cryptocurrencies. The company said that it is well-positioned to navigate the market ahead.
HIVE Blockchain, one of the largest crypto miners in the world is now on the lookout for replacing Ethereum (ETH) mining. This development comes as the Ethereum blockchain is looking to transition to a Proof-of-Stake (PoS) network.
HIVE Blockchain Wants to Replace Ethereum in Its Activities
In its latest production update on Tuesday, September 6, Hive has been analyzing options for mining with its GPU stash. The company noted that the Canadian crypto miner will be implementing beta-testing of different GPU mineable coins. Currently, Hive’s Ethereum mining capacity amounts to 6.5 terahashes per second. Thus, the company’s technical division is currently implementing a strategy to optimize its mining capacity.
“The company acknowledges the potential Ethereum Merge to Proof of Stake,” the crypto miner said in the update. Hive also added that GPU miners with the most efficient equipment and low-cost electricity access shall prevail.
Hive is one of the largest crypto miners in the industry and delivered record production numbers throughout August. Hive had unlocked an average crypto haul of 9.4 (~$187,500) and 97 (~$161,000) per day. The crypto miner is reportedly generating a revenue of $350,000 every day through its crypto mining business.
During the last month of August, Hive produced a total of 3,010 ETH worth $5 million. This is more than 50% of the company’s 5,100 Ethereum holdings. However, as the mining difficulty for both – Bitcoin and Ethereum – jumped in August, it impacted Hive’s profitability to a great extent. However, the company’s Ethereum mining operations always delivered three to four times more revenue per megawatt against its Bitcoin mining operations.
Hive to Diversify Its Mining Portfolio
Before the Merge upgrade scheduled next week, Hive said that it is working to diversify its mining portfolio. Thus, it could be putting its GPU cards at work elsewhere in mining other digital assets like Ethereum Classic, Monero, Litecoin, Dogecoin, and others. In its official announcement, Hive noted:
The firm “has already commenced analysis of mining other GPU mineable coins with its fleet of GPUs, and is implementing beta-testing this week, prior to the merge. Hive is well positioned to navigate the market ahead”.
Amid the upcoming Ethereum Merge, a number of crypto miners have been shifting base and moving towards Ethereum Classic. As a result, there’s a sharp surge in ETC’s hashrate along with a strong rally in the ETC price.