Bitcoin ($BTC), Ethereum ($ETH) – HIVE Blockchain Explores Other Mining Opportunities Ahead of Ethereum Merger
HIVE Blockchain Technicians HIVEone of the industry’s leading mining companies, reported its highest monthly production on record, according to its August report.
The Canadian mining company produced 290.4 BTC and 3,010 ETH/USD over the past month, which equates to around 9.4 Bitcoin and 97 Ethereum per day. At current prices, the numbers translate to production of around $350,000 per day.
“We continue to strive for operational excellence, ensuring that as we grow our hashrate as a business, we also optimize our uptime to ensure ideal Bitcoin and Ethereum production numbers,” the chairman said. and COO of HIVE, Aydin Kilic.
Hive is also exploring options to diversify mining options as it has begun to analyze alternatives for its high-end Ethereum-only GPU stash.
Ethereum’s transition to proof-of-stake (PoS) means miners don’t need to deploy GPUs with high processing power. The current consensus mechanism, i.e. Proof of Work (PoW), rewards miners with the most computing power.
Therefore, high-powered Hive mining rigs will no longer be suitable to support the PoS version of ETH.
“Company Recognizes Ethereum’s ‘Merge’ Potential Toward Proof-of-Stake. Company’s Tech Team Is Implementing Strategy To Optimize Hashrate Economics Of Ethereum’s 6.5 Terahash Mining Capacity in the event of Ethereum transitioning to proof-of-stake, through various other GPU-minable coins,” says one Press release on the official website.
Hive’s Boden facility, based in Sweden, is one of the world’s largest mining sites for Ethereum, with an electricity rate of US$0.03 per kilowatt hour. The company believes it is “well positioned to navigate the market.”
Hive intends to continue to hold its Bitcoin stash even as mining difficulties have increased recently. He noted that miners with the most efficient systems and the lowest electricity costs would prevail in a competitive landscape. The company is one of the few companies that has not sold its mines BTC/USD during the ongoing crypto winter.
Not only Hive, but also several other mining companies are looking for greener pastures as a result of the merger. An exodus of these elements from Ethereum to other PoW blockchains could increase the mining difficulties prevalent across the industry, thereby affecting profitability.