One of the largest cryptocurrency mining companies in the industry, HIVE Blockchain, announced today that it has set records in cryptocurrency mining production throughout August.
The cryptocurrency miner claims to have opened approximately 9.4 bitcoin (~ $187,500) and 97 ethrium (~ $161,000) per day. At today’s prices, HIVE claims to generate nearly $ 350 thousand in cryptocurrencies every day.
HIVE says it produced a total of 3010 ETH in August, worth approximately $5 million. This represents the lion’s share of the company’s 5,100 Ethereum properties.
The company is also expected to diversify its mining portfolio ahead of the long-awaited Ethereum network overhaul, dubbed “merge”
The upgrade will move the blockchain from using the Work Proof Consensus Mechanism (PoW), where miners with the largest computing power mine are the most encrypted, to a 99.95% greener share proof algorithm (PoS), where those with the most Ethereum validate most transactions.
However, after integration, HIVE mining platforms that use GPU cards will not be suitable for Ethereum’s POS version.
The company is now looking to put them elsewhere and can, in theory, extract Ethereum Classic, Litecoin, Monero, Dogecoin and others.
Today’s announcement said that the company “has already begun analysing other mining currencies through its fleet of GPUs, and is implementing a pilot test this week, before merging.”
Decoding continued with the miner to comment on these other currencies but did not receive a response before publication.
HIVE also reported that its profit margins were “marginally affected” by a 9.26% jump in Bitcoin mining difficulty and a 4.4% rise in Ethereum mining difficulty over the past month.
The company also owns 3258 Bitcoin, meaning HIVE’s cryptocurrency wealth today reaches nearly $73.3 million, making it the third largest cryptocurrency mining operation after Core Scientific and Marathon Digital Holdings, according to the Bitcoin Treasury, which has not yet updated HIIIE data