HIVE Blockchain to Consider Mining Other GPU Mineable Coins After Ethereum's 'Merge' Event

HIVE has already commenced analysis of mining other GPU mineable coins with its fleet of GPUs.

Written by Shomik Sen Bhattacharjee, Edited by Richa Sharma | Updated: 8 September 2022 19:07 IST

Highlights

Miners are expected to be gravely affected by the 'Merge'
HIVE wants to shift its focus away from Ethereum mining
HIVE could mine the likes of Litecoin, Monero, and Dogecoin

HIVE Blockchain to Consider Mining Other GPU Mineable Coins After Ethereum's 'Merge' Event

Hive Blockchain has been working to replace the mining of Ether

Photo Credit: Pexels/ Jievani

HIVE Blockchain, the Canadian crypto mining giant, has vowed to start mining various other GPU mineable coins once Ethereum's upcoming 'Merge' process gets completed. The miner made the statement while announcing its mining production figures for the month of August. Speaking about the upcoming Ethereum 'Merge', Vancouver-based HIVE said it has already started exploring mining other GPU mineable coins with its existing fleet of GPUs. The miner said it is implementing beta-testing this week, before the 'Merge' event which is due to be completed before September 20.

The said upgrade will transition the Ethereum blockchain from using a proof-of-work (PoW) consensus mechanism, in which miners with the most computing power mine the most crypto, to a 99.95 percent greener proof-of-stake (PoS) algorithm — where those who stake the most Ethereum validate the most transactions.

However, after the merge, HIVE's mining rigs that use GPU cards will no longer be suitable for the PoS-version of Ethereum.

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The company is now looking to put them to work elsewhere and could, in theory, mine Ethereum Classic, Litecoin, Monero, Dogecoin, and others.

HIVE said its technical team is implementing a strategy to optimise the hash rate economics of the 6.5 Terahash of Ethereum mining capacity that the firm reached at end of August in the event of Ethereum's transition to the proof-of-stake mechanism, across various other GPU mineable coins.

HIVE sees a competitive landscape where the GPU miners with the most efficient equipment and lowest cost of electricity will prevail.

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The firm said its Boden mining facility is one of the largest single-site Ethereum mines in the world. With power fixed at approximately $0.03 (roughly Rs. 2.40) per KWHR within the facility, HIVE said it is well positioned to navigate the market ahead.

HIVE's fleet of GPUs comprises approximately 21.5 MW or 16 percent of the company's global portfolio of 130 MW of green energy (hydro and geothermal) data centre capacity.

Of this 21.5 MW, approximately 14.8 MW are comprised of legacy GPU cards, which have paid for themselves many times over since their installation, thus marking a successful venture in Ethereum mining.

HIVE said these legacy GPU cards comprise approximately 3.7 Terahash of the company's Ethereum hash rate. According to the firm, these cards can be used for cloud computing and AI applications, as well as for engineering applications, including scientific modelling of fluid dynamics.

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