RATE Group | Hut 8 reduces power draw
83640
post-template-default,single,single-post,postid-83640,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Hut 8 reduces power draw

20 Mar Hut 8 reduces power draw

Posted at 22:47h in Cryptocurrency News by

[ad_1]

By Collin Gallant on March 20, 2020.

Hut 8 Cryptocurrency announced this week that it is cutting its operating rate by half — thereby cutting power consumption by the same percentage — in order to “optimize” its operations and margins as the price of Bitcoin drops.

The data-processing company earns Bitcoin for handling transactions of the most-popular cryptocurrency, but the market price has fallen steeply along with other financial instruments this week in turbulent markets.

Traders were paying about US$8,000 for a bitcoin on March 11, before falling by 50 per cent by early this week. It had rebounded to sit at about $6,600 in early trading on Friday.

The Company has a contract with the City of Medicine Hat’s power utility to use up to 67 megawatts of power at its north-end facility. That figure could comprise up to one-quarter the city’s total power production capacity.

Power production at the city’s facilities on Friday…

[ad_2]

Source link

Tags:
, , , ,