Hive Blockchain Considers Mining Ethereum Alternatives Ahead Of The Merge

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Josh Olszewicz, Head of Research at Valkyrie, said, “EtHash miners have begun shifting to ETC because making less profits is better than making none at all.”

Hive Blockchain begins analyzing other GPU mineable coins to optimize its mining equipment for the upcoming Ethereum Merge. The announcement came as mining communities brace for Ethereum’s shift from a Proof-of-Work to a Proof-of-Stake consensus mechanism, with the transition reducing Ethereum’s energy consumption by 99.9%. 

In its monthly report detailing its mining revenue for August, the crypto mining firm stated that its technical division has begun researching strategies to modify Hive’s mining rigs to function post Merge. The company with “one of the largest single site Ethereum mines on the planet” will implement beta-testing later this week to optimize its 6.5 Terahashes of Ethereum mining capacity for other mineable coins.

According to Hive,

“The company acknowledges the potential Ethereum Merge to Proof of Stake.”

Hive Blockchain reports that the Ethereum mining difficulty spiked by 4.4% in August. Despite the increase in mining difficulty and the upcoming Merge, the mining firm notes that it is well equipped to deal with the market transitions thanks to power fixed at approximately USD 0.03 per KWHR. 

Similarly, another mining company, Hut 8, installed 180 Nvidia GPUs in its flagship data center in Kelova, with plans to modify them to provide AI, Machine Learning, and VFX rendering services to meet the changing demands.

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Josh Olszewicz, Head of Research at Valkyrie, said, “EtHash miners have begun shifting to ETC because making less profits is better than making none at all.”

Hive Blockchain begins analyzing other GPU mineable coins to optimize its mining equipment for the upcoming Ethereum Merge. The announcement came as mining communities brace for Ethereum’s shift from a Proof-of-Work to a Proof-of-Stake consensus mechanism, with the transition reducing Ethereum’s energy consumption by 99.9%. 

In its monthly report detailing its mining revenue for August, the crypto mining firm stated that its technical division has begun researching strategies to modify Hive’s mining rigs to function post Merge. The company with “one of the largest single site Ethereum mines on the planet” will implement beta-testing later this week to optimize its 6.5 Terahashes of Ethereum mining capacity for other mineable coins.

According to Hive,

“The company acknowledges the potential Ethereum Merge to Proof of Stake.”

Hive Blockchain reports that the Ethereum mining difficulty spiked by 4.4% in August. Despite the increase in mining difficulty and the upcoming Merge, the mining firm notes that it is well equipped to deal with the market transitions thanks to power fixed at approximately USD 0.03 per KWHR. 

Similarly, another mining company, Hut 8, installed 180 Nvidia GPUs in its flagship data center in Kelova, with plans to modify them to provide AI, Machine Learning, and VFX rendering services to meet the changing demands.

We’re glad you read to this point!

Every week, we publish an email newsletter highlighting all the juicy stories we covered in the crypto space, bringing all the major happenings to your doorstep.

So, if you want to have top stories delivered to your email inbox every week, subscribe to our newsletter!

Written by
Ayush Pande