Hive Blockchain Explores New Minable Coins Ahead of Ethereum Merger

Hive's Ethereum mining operations have historically generated three to four times more revenue per megawatt than Bitcoin mining, a declared the company.

Cryptocurrency miner Hive Blockchain has been working to replace Ether (ETH) mining with other coins in the event of Ethereum's upcoming transition to proof-of-stake, or PoS.

The Canadian crypto-mining company analyzed mining options with its GPU stash ahead of the Ethereum merger, Hive said in its latest production update on Tuesday.

According to the update, Hive started implementing beta testing of various GPU-minable coins this week, as the Ethereum Merge POS is expected to take place in mid-September. Hive's technical division is specifically implementing a strategy to optimize its Ethereum mining capacity, which stands at 6.5 terahashes per second.

“The company recognizes the potential Ethereum Merge to Proof of Stake,” Hive said in the update. He noted that he sees a competitive landscape where GPU miners with the most efficient equipment and lowest electricity cost will prevail.

Hive mentioned that its factory in Boden, based in Sweden, is one of the largest Ethereum mining sites in the world, with a power pegged at around $0.03 per kilowatt-hour. "Hive is well positioned to navigate the market," the company said.

In addition, Hive noted that its Ethereum mining operations have historically generated three to four times more revenue per megawatt than Bitcoin (BTC) mining. The company sold its mined Ether to fund the expansion of the Bitcoin mining program with a new generation of application-specific ICs. Hive still held 5,100 ETH as of August 31, 2022.

Hive also continued to hold its Bitcoin stash, accumulating a total of 3,258 BTC...