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HIVE

HIVE Blockchain May Start Mining New Crypto Assets After Merger

Crypto miner HIVE Blockchain said it will produce coins that can be mined on a variety of GPUs after Ethereum transitions to Proof-of-Stake.

HIVE Blockchain also acknowledged Ethereum’s upcoming “Merge” potential and promised to begin mining various GPU-minable coins once this process is complete.

HIVE’s Performance in August

In a statement, the firm disclosed it had mined a record amount of bitcoin last month despite the recent difficulty increase of nearly 10%.

“In August, we produced an average of 16.7 Bitcoin Equivalent per day, comprised of approximately 9.4 BTC per day and our Ethereum production of approximately 97 Ethereum per day. We are pleased to note that as of today, we are producing over 9 BTC, even with last week’s Bitcoin difficulty increase of almost 10%,” stated Frank Holmes – Executive Chairman of HIVE.

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Bitcoin’s mining capacity had an average hash rate of 2.07 Exahash, while Ethereum’s was 6.19 Terahash. HIVE President and COO Aydın Kılıç said the company strives for “operational excellence” to provide “ideal Bitcoin and Ethereum output figures”.

HIVE

Adding the latest generation to the equation, the company had 3,258 BTC (about $61 million at today’s prices) and 5,100 ETH (about $7.7 million) as of August 31, 2022.

Later, the organization announced that Gabriel Ibghy had been appointed as General Counsel, reporting to Frank Holmes, Chairman of the Board. The first joins HIVE as Director of Legal Affairs in 2021, while his promotion is expected to facilitate the company’s interaction with financial regulators.

Developments Through 2022

Earlier this year, the Canadian startup signed an agreement with Intel to purchase new ASIC chips. Delivery of so-called “high-performance” devices began in the second part of 2022 and will continue until the summer of 2023. Speaking on the subject, Kilic said that the initiative is in line with the company’s green focus:

“HIVE is committed to implementing these next-generation blockchain accelerators in its green energy infrastructure. This Intel Supply Agreement coupled with the ODM manufacturing agreement creates a pathway from chip production to an ASIC miner that sets us apart from our competitors.”

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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