With Ethereum scheduled to make its transition from the Proof-of-Work (PoW) consensus algorithm to Proof-of-Stake (PoS), crypto miner Hive Blockchain has been exploring alternatives for replacing Ethereum.
On Tuesday, the Canadian crypto mining company posted its latest production update in which it said that it was looking at other coins.
With the Ethereum Merge approaching fast, the company has been analyzing options that it can mine with the help of its GPU stash.
The update disclosed that Hive had begun beta-testing this week of different coins that can be mined with GPUs, as it is expected that the Ethereum Merge will take place halfway through September.
The technical division of the crypto miner is particularly implementing a strategy that would help in optimizing the mining capacity of Ethereum, which is around 6.5 terahashes per second.
In the update, Hive said that they were aware of the potential Ethereum Merge and said that the landscape is a competitive one.
According to the company, GPU miners that have the lowest electricity costs and the most efficient equipment will be able to survive in the long run.
Hive also added that its Boden facility, which is based in Sweden, is one of the biggest mining facilities for Ethereum around the world and its electricity is fixed at $0.03 for every kilowatt hour.
The company stated that it was well-positioned to continue navigating the market in the future.
Furthermore, the company also said that it has been able to generate three to four times more revenue via its Ethereum mining operations per megawatt, as compared to Bitcoin (BTC) mining.
The Ether that was mined by the company was sold for investing in a new generation of Application-Specific Integrated Circuits (ASIC) aimed at expanding its Bitcoin mining program.
As of August 31st, 2022, the company still has around 5,100 ETH tokens.
It should also be noted that Hive Blockchain also has a stash of bitcoins, which is somewhere around 3,258 tokens.
The latest update from Hive disclosed that they had managed to mine 290.4 bitcoins in the previous month.
As a matter of fact, the company was able to produce more than 9 bitcoins on a daily basis, even though August 28th saw an increase in the bitcoin mining difficulty level.
It was also previously reported that Hive Blockchain is one of the few crypto mining firms that have opted to HODL the bitcoin they have mined during the crypto downturn seen in 2022.
This news comes amidst a long-awaited upgrade in the Ethereum blockchain, which has been named Ethereum merge.
This will see the blockchain switch to PoS, which does not involve any mining, from a PoW protocol, which is based on mining.
The Bellatrix upgrade had gone live on Tuesday, which takes Ethereum one step closer to the Merge. The transition will help in assuaging critics who are against the PoW protocol because of the impact it has on the environment.