Connect with us

Hi, what are you looking for?

Bitcoin

Hut 8 Reduces Mining Expenses by 30% at New Salt Creek Site

Hut 8 Corp Expands Bitcoin Mining Operations

Publicly traded Bitcoin mining firm Hut 8 Corp recently announced the initiation of self-mining operations at its new Salt Creek facility. This milestone was achieved just 78 days after breaking ground in the area.

Energy Efficiency and Cost Reduction

The Texas-based Salt Creek facility is designed to have a favorable energy profile, which is anticipated to lower mining costs by 30% compared to the firm’s hosting facilities.

Expansion of Mining Fleet

The new site at Salt Creek has been energized to one-third of its total capacity, with 63 megawatts (MW) of power available. Hut 8 CEO Asher Genoot expressed the importance of this move, stating, “With Salt Creek, we gain critical control over our miner fleet and operating costs as we head into the halving.”

Genoot further mentioned, “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.”

Bitcoin Halving Impact

The upcoming Bitcoin halving event, expected to occur in the next four days, will reduce the number of new BTC per day from 900 BTC to 450 BTC. While the halving is seen as a positive long-term development for Bitcoin, it poses immediate challenges for miners by halving their total revenue.

Efficiency Measures by Hut 8

Hut 8 strategically relocated its most efficient mining machines from Kearney and Granbury facilities to Salt Creek to maximize its hash rate ahead of the halving. Additionally, the deployment of Reactor, an automated energy curtailment software, ensures miners remain online when mining is profitable.

Genoot emphasized, “We remain on track to deliver an incredibly cost-effective buildout. Our expected all-in cost of $275,000 per megawatt or less represents a 40% savings versus recent acquisitions in the area.”

Market Response

Following the recent developments, HUT stock saw a 0.9% increase since Monday, despite minor declines in BTC, miners, and other Bitcoin-related stocks on Tuesday.

Ian Bennett
Written By

Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Información básica sobre protección de datos Ver más

  • Responsable: Masha Media News.
  • Finalidad:  Moderar los comentarios.
  • Legitimación:  Por consentimiento del interesado.
  • Destinatarios y encargados de tratamiento:  No se ceden o comunican datos a terceros para prestar este servicio. El Titular ha contratado los servicios de alojamiento web a Banahosting que actúa como encargado de tratamiento.
  • Derechos: Acceder, rectificar y suprimir los datos.
  • Información Adicional: Puede consultar la información detallada en la Política de Privacidad.

Last 24 Hs

Name Price24H (%)
Bitcoin(BTC)
$105,323.00
1.06%
Ethereum(ETH)
$3,251.96
-0.92%
XRP(XRP)
$3.12
-1.66%
Tether(USDT)
$1.00
0.04%
Solana(SOL)
$251.02
-3.11%
BNB(BNB)
$687.27
-1.15%
Dogecoin(DOGE)
$0.352666
-2.48%
USDC(USDC)
$1.00
0.00%
Cardano(ADA)
$0.99
-1.33%
Lido Staked Ether(STETH)
$3,247.77
-0.81%

Trending

You May Also Like

DeFi

📰 Table Of Contents1 Layer N Welcomes Luc Froehlich to Advisory Board1.1 Protocol’s Innovative Approach2 Layer N Unveils Nord Roll-up Testnet2.1 Nord Roll-up Features3...

Bitcoin

📰 Table Of Contents1 Argentinian Regulators and El Salvador Discuss Bitcoin Adoption1.1 Exploring Possible Cooperation Agreements1.2 Learning from El Salvador’s Bitcoin Experience1.3 Strengthening Ties...

Blockchain

📰 Table Of Contents1 Ledger Stax Hardware Wallet Shipping Update2 Design Challenges and Delay2.1 Enhanced User Experience3 Ledger Stax Pricing and Security Features3.1 Production...

Bitcoin

📰 Table Of Contents1 Biden’s Decision on SEC’s Crypto Regulations Nears1.1 Overview of the Situation1.2 Potential Outcomes of Presidential Action1.3 Implications for Bitcoin and...

DeFi

📰 Table Of Contents1 Pseudonymous Developer Confesses to Stealing Funds from Cypher Protocol1.1 Hoak’s Confession and Fund Theft1.2 Transfer of Funds to Binance1.3 Impact...

Blockchain

📰 Table Of Contents1 Binance France Ownership Restructuring1.1 Reasons for Ownership Change1.2 New Shareholders1.3 Yulong Yan1.4 Lihua He1.5 Global Restructuring Project1.6 Regulatory Challenges and...

Ethereum

📰 Table Of Contents1 Fake Crypto Airdrops Targeting Investors1.1 Crypto Scam Victim’s Experience1.2 Airdrop Scams and Their Tactics1.3 Preventative Measures for Investors1.4 Importance of...

Blockchain

📰 Table Of Contents1 Interview with Jon Trask, CEO of Dimitra: Revolutionizing Agriculture with Blockchain and AI1.1 Revolutionizing Agriculture Across Africa and the Globe1.2...

Copyright © 2024 CRYPTOWIRE.TOP. All rights reserved. This website provides educational content, emphasizing that investing involves risks. Ensure you conduct thorough research before investing and be ready for any potential losses. For those over 18 and interested in gambling: Online gambling laws differ across countries; adhere to your local regulations. By using this site, you agree to our terms, including the presence of affiliate links that do not impact our evaluations. Cryptocurrency offers on this site are not in line with UK financial promotion regulations and are not aimed at UK consumers.