Cryptocurrency miner Hive Blockchain is working to replace Ethereum (ETH) mining with other currencies in the event that Ethereum next moves to Proof of Stake, or PoS.
Hive explained in its latest production update Tuesday that the Canadian miner is working on analyzing mining options with its GPU inventory before upgrading Merge to Ethereum, Cointelegraph reported.
Per the update, Hive has started beta testing of several GPU-minable coins this week, with the Ethereum Merge upgrade 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.
In the update, Hive said: “The company is aware of the potential for Merge to upgrade Ethereum to Proof of Stake. She noted that she sees a competitive landscape where GPU-using miners dominate with the most efficient equipment and the lowest electricity cost.
Hive reported 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 per kilowatt-hour. The company said Hive is well positioned to navigate the market in the future.
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 Ethereum to fund the expansion of a bitcoin mining program with a new generation of application-specific integrated circuits. Hive still held 5,100 ETH as of August 31, 2022.
