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Cryptocurrency miner Hive Blockchain has been working to replace the mining of Ether (ETH<\/a>) with other coins in the event of Ethereum\u2019s upcoming transition to proof-of-stake, or PoS.<\/p>\n The Canadian crypto mining firm has been analyzing options for mining with its GPU stash ahead of the Ethereum Merge, Hive said<\/a> in its latest production update on Tuesday.<\/p>\n According to the update, Hive started implementing beta-testing of various GPU-mineable coins this week as the Ethereum Merge PoS is expected to occur in mid-September<\/a>. Hive\u2019s technical division is specifically implementing a strategy to optimize its Ethereum mining capacity, which amounts to 6.5 terahashes per second.<\/p>\n \u201cThe company acknowledges the potential Ethereum Merge to Proof of Stake,\u201d Hive said in the update. It noted that it sees a competitive landscape where the GPU miners with the most efficient equipment and lowest cost of electricity will prevail.<\/p>\n Hive mentioned that its Sweden-based Boden facility is one of the largest Ethereum mining sites in the world, with power fixed at approximately $0.03 U.S. dollars per Kilowatt hour. \u201cHive is well positioned to navigate the market ahead,\u201d the firm said.<\/p>\n Additionally, Hive noted that its Ethereum mining operations have historically generated three to four times more revenue per megawatt than Bitcoin (BTC<\/a>) mining. The company has been selling its mined Ether to fund expansion of the Bitcoin mining program with a new generation of Application-Specific Integrated Circuits. Hive still held 5,100 ETH as of Aug. 31, 2022.<\/p>\n Hive has also continued to hold its Bitcoin stash, accumulating a total of 3,258 BTC by the end of August. According to the update, Hive mined 290.4 BTC last month, producing more than 9 Bitcoin per day even after the Bitcoin difficulty increased<\/a> on Aug. 28. As previously reported, Hive has been among the\u00a0few crypto mining companies that have opted to hodl<\/a> their mined BTC during the ongoing crypto winter of 2022.<\/p>\n Related: <\/em><\/strong>Ethereum Merge to \u2018swamp\u2019 other coins with miners \u2014 Mining CEO<\/em><\/strong><\/a><\/p>\n The news comes amid the approaching Ethereum Merge, a long-awaited Ethereum upgrade that is set to move its blockchain from mining-based proof-of-work<\/a> (PoW) to mining-free PoS. On Tuesday, the Bellatrix upgrade went<\/a> live on the Beacon Chain, or the network\u2019s PoS chain, marking another move forward to Ethereum Merge.<\/p>\n<\/div>\n