Hive Blockchain has made an announcement in regards to replacing Ether (ETH) mining. The cryptocurrency mining company has announced that it will start mining other cryptocurrencies instead of Ether.
The reason behind the Decision
The Hive Blockchain has made the decision in wake of the upcoming upgrade for the Ethereum blockchain. It is currently the hottest topic in the entire crypto-verse that the protocol transition of Ethereum PoW to PoS is soon to take place.
With the implementation of The Merge, multiple reforms will be introduced in the Ethereum blockchain. The move of the Ethereum blockchain to PoS would make things very competitive among all of the mining firms from around the world.
Hive Blockchain’s Take on the Matter
The reports suggest that the Hive Blockchain is going through the option of mining through the huge stash of GPU that it has stored.
The Hive Blockchain is aiming to increase its mining options as well as the potential in terms of terahashes per second.
Beta-Testing of GPU-Mineable Coins
According to reports, the Hive Blockchain has already started working on the beta testing of multiple coins that can be mined using GPUs.
Prior to the implementation of the Ethereum Merge, the firm is also aiming to increase its mining capacity for Ethereum.
The technical division at Hive is currently involved in coming up with a strategy that is to play a vital role in the optimization of Ethereum mining.
According to the particular division, the aim is to optimize and increase the capacity of Ethereum mining. At present, the Ethereum mining capacity achieved by the Hive Blockchain is 6.5 terahashes per second.
Hive Blockchain is among the mining companies that have not only acknowledged the Ethereum Merge but have also recognized its vast potential.
The executives at the Hive Blockchain consider Ethereum Merge to be full of potential. With the implementation of the Merge, the Ethereum landscape is going to become highly competitive.
Therefore, it is important they stay on top of their game and do whatever is possible to improvise, making the mining process cost-effective. They will need to acquire as efficient equipment as possible for GPU mining.
The largest mining site currently operated by the Hive Blockchain is based in Sweden, the Boden facility. It is also considered one of the largest mining sites for Ethereum in the entire world.
As of August 31, 2022, Hive had a total of 5,100 ETH under its management. According to the executives, their aim is to spend the ETH they have mined and use them to expand their Bitcoin mining business.
The platform is aiming to make things very competitive and ensure that more investors make their way to cryptocurrencies.