Hive’s August update said it plans to re-distribute its hashpower dedicated to Ethereum toward “other GPU mineable coins” ahead of TheMerge.
production” and the appointment of a new general counsel member. Hive also discussed the upcoming Ethereum network transition from proof-of-work to proof-of-stake .
Hive dedicated 6.49 terahash per second of Ethash hashrate toward the Ethereum chain in August and saw an average of 6.19 TH/s during the last 30 days. The publicly listed mining operation also talked about the Bellatrix upgrade and the estimated Merge date. The company has been preparing for the transition and will dedicate its GPU hashrate elsewhere.
“Hive 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 said on Tuesday. “The company’s technical team is implementing a strategy to optimize the hashrate economics of the 6.5 Terahash of Ethereum mining capacity in the event of Ethereum’s transition to proof-of-stake, across various other GPU mineable coins.
Most of Hive’s mining capacity is dedicated to mining bitcoin but it also noted that mining ethereum has been profitable. Hive notes that the company’s ethereum mining operations have “historically generated 3 to 4 times more revenue per megawatt than bitcoin mining.”
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