Bitcoin Mining Firm Hut 8 Cuts Cost by 30% as Halving Ends
Bitcoin mining company Hut 8 announced that its Salt Creek mining location in Texas has been optimized ahead of the halving. The North America-based miner announced the innovations in its facilities in its statement on April 16.
According to the statement, the miner energized one-third of its 63 MW field to increase pre-halving figures, providing an advantage to the company. This move will reduce mining costs by 30% due to increased energy costs added to the production costs of Bitcoin mining companies.
CEO Asher Genoot hat 8 He stated that this move gave the company control over Bitcoin mining operations before the halving.
Line 8 Tip Effective Bitcoin Mining
The company moved some miners from its Kearney and Granbury facilities to Salt Creek last month to optimize the location. With notable distributions to make miners profitable, Hut 8 sought to improve Bitcoin mining while significantly reducing the cost.
Genoot announced that the firm is adding 25,000 miners to the facility to increase efficiency while saving money per megawatt. The company emphasized its desire to strengthen and grow its self-mining business.
“Our expected total cost of $275,000 or less per megawatt represents a savings of 40% compared to recent purchases in the region. “As evidenced by Salt Creek, we will continue to act with determination to strengthen and grow our self-mining business.”
Miners look towards halving
Bitcoin miners are focused on the upcoming halving and the current sell-off is quickly becoming a cause for concern. Although it is perceived as an upward trending event, recently liquidations The low prices recorded in the market will affect miners in the long run unless there is a reversal.
Bitcoin mining firms have relocated their facilities and reserves. halve Many miners sold some of their reserves or took advantage of this to increase capacity.
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