Industry’s largest cryptocurrency HIVE Blockchain, one of the mining companies bitcoin and on Ethereum announced that it has reached record-breaking crypto mining production figures.
Hive Blockchain Sets Records in Bitcoin and Ethereum Mining Numbers
The crypto miner company claims to earn an average of about 9.4 Bitcoin ($187,500) and 97 Ethereum ($161,000) per day in crypto. At today’s prices, HIVE claims to generate almost $350,000 in crypto every day.
HIVE announced that it had generated 3,010 ETH in August, worth a total of approximately $5 million. This accounts for the bulk of the firm’s 5,100 Ethereum assets.
The company is also expected to diversify its mining portfolio ahead of ETH’s long-awaited network update, dubbed “merger.”
With the update, the world’s largest altcoin will stop using the Proof of Work (PoW) consensus mechanism. In this mining mechanism, miners used their computer power to earn coin rewards.
Company Reports Looking For Alternative Coins To ETH
With the new system, the Proof of Stake mechanism will be introduced, which uses 99.95% less energy than the PoW system. In this mechanism, investors who stake the most coins on ETH will perform the most verifications and earn more coins rewards.
However, after the merger, mining rigs using HIVE’s GPU graphics cards will no longer be available for the PoS version of Ethereum.
The company reported that it is seeking alternatives to continue operating these devices. Among these alternatives, theoretically Ethereum Classic, Litecoin, Monero and dogecoin such as altcoins.
The mining company is currently running a test pilot project in a “Tier 3” data center where some of the Nvidia A40 GPU cards are adapted for cloud computing. “These cards can be used for bloud computing and artificial intelligence applications, as well as for scientific modeling of fluid dynamics and engineering applications,” the company said in a press release.
*Not investment advice.
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