HIVE Blockchain, the Canadian crypto mining giant, has promised to start mining various other GPU edible coins once Ethereum’s upcoming ‘merge’ process is complete. The miner made this statement while announcing mining production figures for the month of August. Speaking about the upcoming Ethereum ‘merge’, Vancouver-based HIVE said that they have already started exploring other GPU edible coins with their existing fleet of GPUs. The miner said it is implementing beta-testing this week, ahead of the ‘merge’ event, which is due to take place on 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, 99.95 percent greener Proof-of-Stake (PoS) algorithm — where the most Ethereum shares Validates most transactions.
However, after the merger, HIVE’s mining rigs Those that use GPU cards will not be eligible for the PoS-version of Ethereum.
The company is now looking to hire them elsewhere and, in theory, mine Ethereum Classic, Litecoin, Monero, Dogecoin and others.
HIVE said its technical team is implementing a strategy to optimize the hash rate economics of the 6.5 terahashes of Ethereum mining capacity that the firm has reached on various other GPUs when it transitions to Ethereum’s proof-of-stake mechanism by the end of August. edible coins.
HIVE envisions a competitive landscape where GPU miners with the most efficient equipment and lowest power costs will dominate.
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 at the facility, HIVE said it is well positioned to navigate the market.
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 center capacity.
Of this 21.5 MW, approximately 14.8 MW consists of legacy GPU cards, which have paid for themselves many times over since their inception, thus marking a successful venture in Ethereum mining.
HIVE said these legacy GPU cards include approximately 3.7 trillion hashes of the company’s Ethereum hash rate. According to the firm, these cards can be used for engineering applications including cloud computing and AI applications as well as scientific modeling of fluid dynamics.
