Hut 8's 'Ferrari of GPUs' Ready for Ethereum's PoS Move, Miner Open to M&A
Contrary to smaller Bitcoin (BTC) and crypto miners, Canada-based Hut 8 would not be "really affected" by Ethereum (ETH)'s move to the proof-of-stake (PoS) consensus mechanism, as the miner is ready "no matter what," Sue Ennis, Vice President (VP) of Corporate Development and Investor Relations off the company, told Cryptonews.com. Also, Hut 8 is ready to go shopping for other mining companies this year.
Ethereum is expected to transition from the proof-of-work (PoW) consensus mechanism, now also used by BTC, to PoS this year. However, this move was already delayed multiple times. In either case, when/if it happens, this would leave ETH miners with a lot of computational power they could dedicate to another blockchain that is friendly to GPU-powered mining rigs.
Ennis says that Hut 8 has got “the Ferrari of GPUs.” According to the VP, US tech giant NVIDIA didn't even allow the company to disclose what GPU model they received, because only three customers got it globally.
“We can easily pivot, and mine the next most profitable GPU-based network if we wanted to, or get into some of the use cases that we're looking at, like node infrastructure management, perhaps even supporting some of the pools,” she said.
Per the VP, they can "flip the switch, and within 10 minutes get paid out in whatever coin it is. "
"[It’s] too early for me to confirm which way we're going to go, but we're definitely looking at it,” she said.
Ennis confirmed that the company has looked into a variety of other chains, naming Zcash (ZEC), Monero (XMR), and Ethereum Classic (ETC) among others, but nothing has been decided yet – nothing at least that Ennis could share at this time.
In either case, according to her, it’s “the smaller-scale guys” with the more
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