Bitcoin Mining Firm Hut 8 Slashes Cost By 30% As Halving Closes In
Highlights
- Bitcoin miner Hut 8 cuts production costs by 30%.
- The company plans to boost self-Bitcoin mining.
- Miners reposition their reserves and facilities ahead of halving.
Bitcoin mining firm, Hut 8 has announced optimization of its Salt Creek mining location in Texas ahead of the halving. In an April 16 statement, the North American-based miner disclosed innovations to its facilities.
According to the statement, the miner energized one-third of its 63MW site to boost pre-halving figures giving the firm an edge. The move will reduce mining costs by 30% amid increasing energy costs adding to the production cost of Bitcoin mining firms.
Asher Genoot, the CEO of Hut 8 noted that the move gives the company control over Bitcoin mining operations before the halving.
“Our outlook on energy prices at the site suggests that the potential for cost savings relative to our cost of mining at Kearney and Granbury is in line with the 30% reduction initially projected.”
Hut 8 Tips Effective Bitcoin Mining
The company relocated some miners from its Kearney and Granbury sites to Salt Creek last month to optimize the location. With notable deployments to make miners profitable, Hut 8 sought to improve Bitcoin mining while significantly reducing cost.
Genoot explained that the firm added 25,000 miners to the facility to increase efficiency while saving per megawatt. The company stressed the desire to strengthen and grow the self-mining business.
“Our expected all-in cost of $275,000 per megawatt or less represents a 40% savings versus recent acquisitions in the area. As demonstrated with Salt Creek, we will continue to act decisively to strengthen and grow our self-mining business.”
Miners Look Towards Halving
Bitcoin miners are fixed on the upcoming halving with present sell-offs becoming a fast concern. Although perceived as a bullish event, recent liquidations and low prices recorded in the market will affect miners in the long run unless there is a reversal.
Bitcoin mining firms have repositioned their facility and reserves as the halving closes in. Several miners have sold parts of their reserves or leveraged to add capacity.
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