HIVE Blockchain Could Start Mining New Crypto Assets After the Merge

The Canadian cryptocurrency miner HIVE Blockchain announced its August production figures, saying it mined 290.4 BTC and 3,010 ETH. The company’s equivalent BTC production was 518.8 BTC with an average hashrate of 3.70 Exahash.

HIVE Blockchain also acknowledged the potential of Ethereum’s upcoming “Merge,” vowing to start mining various other GPU mineable coins once this process gets completed.

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.

Bitcoin’s mining capacity was with an average hashrate of 2.07 Exahash, while Ethereum’s was 6.19 Terahash. Aydin Kilic – President & COO of HIVE – said the company strives for “operational excellence,” ensuring “ideal Bitcoin and Ethereum output figures.”

Adding the latest production to the equation, the company held 3,258 BTC (around $61 million calculated at today’s prices) and 5,100 ETH (approximately $7.7 million) as of August 31, 2022.

The miner also touched upon Ethereum’s upcoming transition from Proof-of-Work consensus mechanism to Proof-of-Stake (known as “The Merge“). The company’s technical team is looking to optimize the hashrate economics of the 6.5 Terahash of ETH mining capacity and start producing various other GPU mineable coins.

Subsequently, the organization announced the appointment of Gabriel Ibghy as General Counsel, who will report to Executive Chairman Frank Holmes. The former joined HIVE in 2021 as Director of Legal Affairs, while his promotion is expected to ease the company’s interaction with financial regulators.

Developments Throughout 2022

Earlier this year, the Canadian entity inked an agreement with Intel to buy new ASIC chips. The deal was part of HIVE’s strategy to expand its presence in the USA. The delivery of the devices pitched as “high-performing” started in the second part of 2022 and will continue until the summer of 2023. Speaking on the matter was Kilic, who said the initiative aligns with the firm’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.”