Crypto miner Hive Blockchain has reportedly been putting in efforts to replace the mining of Ether (ETH) with other coins, to prepare for the event of Ether’s upcoming transition to proof-of-stake (PoS).

Specifically, the Canada-based crypto mining entity has been running analysis regarding options for mining with its GPU stash, prior to the Ethereum Merge, per Hive. 

As detailed in the update, Hive reportedly began its implementation of beta-testing for numerous GPU-mineable coins this week, as the Ethereum Merge PoS is expected to take place in mid-September. 

Hive’s technical division is particularly working on the implemention a strategy to achieve optimal performance for its Ethereum mining capacity, which amounts to 6.5 terahashes per second.

“The company acknowledges the potential Ethereum Merge to Proof of Stake,” Hive shared in the update. It claimed a competitive landscape is visible in which the GPU miners with the highest level of efficiency of equipment and lowest cost of electricity will succeed.

Hive reportedly disclosed that its Sweden-headquartered Boden center is among the most major Ethereum mining sites throughout the globe, with power fixed at around $0.03 U.S. dollars for every Kilowatt hour. “Hive is well positioned to navigate the market ahead,” the firm said.

Furthermore, Hive stated that its Ethereum mining operations have historically generated three to four times more revenue per megawatt compared to Bitcoin (BTC) mining. The firm has been selling its mined Ether to financially support the 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.

Hive has also carried on to hold its Bitcoin stash, accumulating an overall figure of 3,258 BTC by the end of August. Per the update, Hive mined 290.4 BTC in August, producing over 9 Bitcoin daily even after the Bitcoin difficulty rise on Aug. 28. As previously reported, Hive has been among the few crypto mining companies that have opted to hodl their mined BTC during the ongoing crypto winter of 2022.