Income equivalent to 184 bitcoins by reducing power consumption: Hive Blockchain | coindesk JAPAN | Coindesk Japan

Canadian bitcoin mining company Hive Blockchain made $3.15 million last December by cutting down on its electricity usage. This equates to approximately 184 Bitcoins (BTC). On the other hand, in the actual mining, we mined 213.8 Bitcoin worth.

Mining companies contract with power companies for a certain supply of electricity, but may reduce their power usage during periods of high energy demand, such as winter, and sell the power back to the power companies under the terms of the contract. It is also an effective means of keeping costs down for mining companies facing tough market conditions.

Related article: As winter storm hits North America, miners power down to help maintain power grids

In addition to mining bitcoin with a bitcoin mining device called ASIC, Hive uses GPUs to mine crypto assets other than bitcoin, so-called altcoins, and convert them to bitcoin.

The company is also the first to install 1,423 Hive Buzzminers of its own design using new Intel chips. A total of 5,800 units will be deployed by the end of January, with a total computing power of 620 petahashes per second (PH/s).

For the full year of 2022, Hive has mined 4,752 Bitcoin equivalents, up 18% from the previous year.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Coinbase (capture)
｜Original: Hive Earned Equivalent of 184 BTC From Curtailing Its Power Use in December