SummaryThough it fluctuates with the relative prices of Bitcoin and Ethereum, about a third of HIVE's mining revenues in June came from Ethereum.HIVE's Ethereum mining equipment cannot be transitioned to another equally as profitable business segment. And the relatively large Ethereum revenue stream cannot be easily replaced.From a market cap to hash rate perspective, HIVE shares do not appear to be pricing in The Merge.HIVE's adjusted costs and expenses, excluding depreciation, share-based compensation, interest expense, impairments, and foreign exchange losses are about $15,000 per coin.After years of delays, the Ethereum (ETH-USD) platform appears set in the coming weeks to shift from a proof-of-work consensus mechanism for verifying and tracking transactions, to a proof-of-stake consensus. Follow-up over the last couple of weeks of a practice merge on the Goerli testnet showed it was successful and a sufficient final test to now move to The Merge on the mainnet. The first step will begin on September 6th, with the final transition estimated for September 15th. This switch will mark a seminal moment for the crypto space because of the history, size, and complexity of the platform.The Merge will be a catalyst for change across the industry. For the highly profitable Ethereum miners, the shift will be the end of an era as their computational computer equipment will no longer be used to secure the network. Under the new proof-...
