Hive Blockchain To Mine Other Crypto Assets After Merge

The HIVE blockchain announced that it had increased its revenue per megawatt by four times. This record revealed that its generated income exceeds that of Bitcoin mining.

HIVE blockchain, a cryptocurrency miner, is currently looking to replace ETH mining with other digital assets. This is slated to occur after the completion of the upcoming Ethereum Merge. The mining company is assessing the available options to make its GPU stash mining possible.

The event’s success will also require a process known as beta testing. The company would implement this process for all the available GPU-minable tokens.

The company’s technical division is also looking at optimizing the mining of Ethereum. To achieve this objective, it’s currently executing a strategy to raise the mining capacity to about 6.5 terahashes/sec.

The company appreciates the transition of the Ethereum network from PoW to PoS. It stated that the upgrade would reduce electricity costs and provide more efficient equipment for GPU miners.

The Sweden-based Boden facility of the company’s ETH mining sites is currently one of the largest in the world, the company added.

Crypto Mining Operations Of HIVE Blockchain

As of August, HIVE Blockchain, the Canadian digital currency miner, realized up to 518.8 Bitcoin. Its average hashrate then was 3.70 Exahash. It achieved this result after a remarkable production of Bitcoin and Ether in the same month. At the time, the company produced about 290.4 Bitcoin and 3,010 Ether.

The large mining production of the company last month was quite surprising given the recent Bitcoin prices.

HIVE is presently on a mission to improve its operative excellence. To achieve more merit in its operations, there is a need for ideal output figures for Bitcoin and Ethereum. This is crucial, seeing that its current BTC average hashrate capacity is 2.3 Exahash. Ethereum’s hashrate, on the other, is about 6.19 Terahash.

As of August 31, the company possessed about 3,258 BTC. Judging from the token’s price at the time, this is worth $61 million. The company’s Ethereum possession at the same time was up to 5,100 ETH, worth around $7.7 million.

Meanwhile, Gabriel Ibghy sits as the current General Counsel of the company. HIVE Blockchain announced this after revealing that it’ll include additional cryptocurrencies in its mining system.

Other Deals Of HIVE Blockchain

Before now, HIVE Blockchain saw a need to establish its operations in the United States. For this to happen, the company had to devise a strategy that involved purchasing new ASIC chips. The mining firm carried out this motion after striking a deal with Intel.

These devices became fully operational in the second half of this year. The company announced that the operations of the devices will continue till the last quarter of 2023. Moreover, applying the ASIC chips seems to positively affect the company’s objectives.

Featured image from Pexels, chart from TradingView.com