Cryptocurrency miner Hive Blockchain is working to replace Ether (ETH) mining with other currencies in the event of the upcoming Ethereum transition to Proof of Stake, or PoS.
Hive said in its latest production update on Tuesday that the Canadian miner is working on analyzing options to mine with its GPU inventory ahead of Ethereum Merge.
Per the update, Hive has started beta testing of several GPU minable coins this week, with the Ethereum Merge PoS expected to happen in mid-September. Hive’s technical department is specifically implementing a strategy to improve Ethereum’s mining capacity, which is up to 6.5 terahashes per second.
“The company is acknowledging the possibility of integrating Ethereum for Proof of Stake,” Hive said in the update. She noted that she sees a competitive landscape where GPU miners dominate with the most efficient equipment and the lowest electricity cost.
Hive reports that the Sweden-based Boden facility is one of the largest Ethereum mining sites in the world, with a fixed capacity of about 0.03 US dollars per kilowatt-hour. “The Hive is well positioned to navigate the market in the future,” the company said.
Additionally, Hive notes that Ethereum mining has historically generated three to four times more revenue per megawatt than Bitcoin (BTC) mining. The company was selling mined Ether to fund the expansion of its bitcoin mining program with a new generation of application-specific integrated circuits. Hive still held 5,100 ETH as of August 31, 2022.
Hive also continued to hold its Bitcoin inventory, accumulating a total of 3,258 BTC by the end of August. According to the update, Hive mined 290.4 BTC last month, producing more than 9 Bitcoins per day even after Bitcoin increased in difficulty on August 28. BTC during the ongoing crypto winter of 2022.
Related: Ethereum Merge To “Dump” Other Coins With Miners – Mining CEO
The news comes amid an approaching Ethereum consolidation, 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 was launched directly on the Beacon Chain, or the network’s PoS chain, marking another step forward for the Ethereum Merge.
