Hive Blockchain to Mine Other Crypto Assets Post Merger | bitcoinist.com
The HIVE blockchain announced that it had quadrupled its revenue per megawatt. This record revealed that its revenue generated exceeds that of Bitcoin mining.
HIVE blockchain, a cryptocurrency miner, is currently looking to replace ETH mining with other digital assets. This should happen after the next Ethereum merge is completed. The mining company is evaluating the options available to make mining its GPU cache possible.
The success of the event will also require a process called beta testing. The company would implement this process for all available GPU-minable tokens.
The company’s technical division is also looking to optimize Ethereum mining. To achieve this goal, it is currently executing a strategy to increase the mining capacity to around 6.5 terahashes/sec.
The company appreciates the transition of the Ethereum network from PoW to PoS. He said the upgrade will reduce electricity costs and provide more efficient equipment for GPU miners.
The Sweden-based Boden facility of the company’s ETH mining sites is currently one of the largest in the world, the company added.
HIVE Blockchain Crypto Mining Operations
From August, HIVE Blockchain, the Canadian digital currency miner, made as much as 518.8 Bitcoin. Its average hashrate was then 3.70 Exahash. It achieved this result after a remarkable production of Bitcoin and Ether during the same month. At the time, the company was producing around 290.4 Bitcoin and 3,010 Ether.
The company’s large mining output last month was quite surprising given recent bitcoin prices.
HIVE is currently on a mission to improve its operational excellence. To gain more merit in its operations, it is necessary to have ideal output figures for Bitcoin and Ethereum. This is crucial, given that its current average BTC hashrate capacity is 2.3 Exahash. Ethereum’s hashrate, on the other hand, is around 6.19 Terahash.
As of August 31, the company owned approximately 3,258 BTC. Judging by the token’s price at the time, it’s worth $61 million. The company’s Ethereum holding at the same time was 5,100 ETH, worth around $7.7 million.
Meanwhile, Gabriel Ibghy serves as the company’s current general counsel. HIVE Blockchain announced this after revealing that it would include additional cryptocurrencies in its mining system.
Other HIVE Blockchain Offerings
Previously, HIVE Blockchain needed to establish its operations in the United States. For this to happen, the company had to devise a strategy that involved purchasing new ASIC chips. The mining company executed this motion after reaching an agreement with Intel.
These schemes became fully operational in the second half of this year. The company has announced that operations of the devices will continue until the last quarter of 2023. Moreover, the application of ASIC chips seems to have a positive effect on the company’s goals.
Featured image from Pexels, chart from TradingView.com
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