Hive Blockchain to mine other cryptoassets after merging

The HIVE blockchain announced that it had increased revenue per megawatt by four times. This record revealed that the revenue generated 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 happen after the completion of the upcoming Ethereum merger. The mining company is considering the available options to make GPU stash mining possible.

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

The company’s technical department is also looking at optimizing the mining of Ethereum. To achieve this goal, it is currently implementing a strategy to increase mining capacity to approx. 6.5 Terahashes/sec.

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

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

Cryptomining by HIVE Blockchain

As of August, HIVE Blockchain, the Canadian digital currency miner, realized up to 518.8 Bitcoin. Its average hashrate was then 3.70 Exahash. It achieved this result after a remarkable production of Bitcoin and Ether in the same month. At that time, the company produced around 290.4 Bitcoin and 3010 Ether.

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

HIVE is currently on a mission to improve its operational excellence. To achieve more profit in their business, ideal production numbers for Bitcoin and Ethereum are needed. This is crucial, as its current BTC average hash rate capacity is 2.3 Exahash. Ethereum’s hashrate, on the other hand, is about 6.19 Terahash.

As of August 31, the company had about 3,258 BTC. Based on the price of the token at the time, this is worth $61 million. At the same time, the company’s Ethereum holdings were up to 5,100 ETH, worth around $7.7 million.

Meanwhile, Gabriel Ibghy sits as the company’s current general counsel. HIVE Blockchain announced this after revealing that it will include more cryptocurrencies in its mining system.

Other offerings of HIVE Blockchain

Until 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 the purchase of new ASIC chips. The mining company implemented this proposal after entering into an agreement with Intel.

These units became fully operational in the second half of this year. The company announced that the operation of the devices will continue until the last quarter of 2023. Moreover, the use of ASIC chips seems to have a positive impact on the company’s goals.

Featured image from Pexels, chart from TradingView.com