Hive turns attention to other tokens ahead of Ethereum Merge

Updated: 07 September 2022

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Canada-based crypto firm, Hive has been exploring options to replace Ethereum mining operations with other tokens. The development surfaced in preparation for the upcoming Ethereum switch from the proof-of-work (PoW) to proof-of-stake (PoS). In its recent production report, Hive disclosed its analyzing options for mining with GPU stash before the Ethereum Merge.

The report indicated that Hive is already planning for the Merge that’s predicted to commence before the middle of this month. Some of the mining firm’s plans include the implementation of the beta-testing of numerous GPU mineable tokens this week.

Hive recognized the potential upcoming Ethereum Merge to the PoS in the update. The firm added that it notes a competitive landscape where the GPU miners with the most efficient tools and cheapest cost of power will gain more ground. In the update, the firm describes its mining facility in Sweden as the biggest Ethereum minimum hub in the world. The mining outlet in Sweden, Identified as Boden, runs on a power cost of $0.03 per Kilowatt hour.

How Ethereum earned more revenue for Hive than Bitcoin

Hive expresses full confidence in its strength to scale through any difficult moment imposed by the market. Also, the firm reported that it had earned more on its Ethereum mining operations than on Bitcoin.

Hive divulged that the revenue it generated on Ethereum is about three to four times more than it generated on Bitcoin mining. Hive has been selling its earned Ether to enhance its Bitcoin mining operations. The funds have aided Hive in using the latest generation of Application-specific integrated circuits.

Meanwhile, as of August 31 of this year, Hive still has about 5,100 Ethereum in its reserve. The firm is in a reserve position of its Bitcoin stash; it generated about 3,258 BTC by the end of last year. Despite the increased difficulty surrounding Bitcoin mining since August 28, Hive has produced more than 9 BTC daily. Currently, the crypto mining firm’s technical division is adopting a mechanism to enhance its Ethereum mining output, which is about 6.5 terahashes per second (Th/s).

Hive gained more attention during the Bear market of 2022 as it HODL its mined BTC as the market situation deepened. Now, the crypto space is gradually embracing itself to adjust to any situation that arises from the widely reported Ethereum merge. Numerous development is expected to hit the crypto space as more firms adjust to the Ethereum merge.

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