RATE Group | Cryptocurrency Stock News: HyperBlock (CSE: HYPR) Provides Update on Bitcoin Halving Impact on Operations
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Cryptocurrency Stock News: HyperBlock (CSE: HYPR) Provides Update on Bitcoin Halving Impact on Operations

13 May Cryptocurrency Stock News: HyperBlock (CSE: HYPR) Provides Update on Bitcoin Halving Impact on Operations

Posted at 17:47h in Cryptocurrency News by

Toronto, Ontario – May 13, 2020 (Newsfile Corp.) (Investorideas.com Newswire) HyperBlock Inc. (CSE: HYPR) (“HyperBlock” or the “Company”) today provided an operational update to shareholders related to the risks associated with the recent Bitcoin algorithm halving – which occurred on May 11, 2020 – and has significantly reduced Bitcoin mining compensation rewards earned by the Company.

The Company confirmed that the algorithm halving, which occurs approximately every four years to create scarcity by limiting the number of Bitcoin in circulation, has cut the Company’s reward for mining each block by half. The Company cautions that this has resulted in making its operations uneconomical, based on current Bitcoin pricing, overall network hashrate, and the Company’s ability to continue to access reliable, affordable power.

Electricity Provider Intends to Terminate Contract

The Company also announced that its electricity provider, Energy Keepers, Inc., has indicated that it…

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