Hut 8 using about 5 megawatts less electricity to mine cryptocurrency than when it started up

By Collin Gallant on January 15, 2019.

NEWS FILE PHOTO
Bloggers and potential investors film themselves during a tour of the Hut 8 Cryptocurrency data processing operation near Box Springs Road in Medicine Hat on Sept. 21. The company announced on Jan. 8, 2019 that it it is using about 5 megawatts less to mine cryptocurrency than when the facility began operating in the summer of 2018.

Medicine Hat News

Company-wide electricity use by local cryptocurrency miner Hut 8 fell by about five per cent — enough to power about 2,000 homes — even though it is expanding its data processing capacity in Alberta.

The firm, which operates its main facility in Medicine Hat, stated on Jan 8 completion of a plan announced two months ago to add 12 more units at its Drumheller location.

Those are more energy efficient units which use about 0.1 megawatts less each compared to units installed last year as they complete computations to earn amounts of Bitcoin.

Hut 8 also says due to an “electricity optimization” effort across all sites, each of its 73 other units, also called boxes, is now using 0.8 megawatts less energy than when they were commissioned.

Cumulatively, the total capacity is now stated at 95.2 megawatts, down from previous estimates of 100.2 megawatts.

“We are pleased to be consuming less electricity, without impacting our mining output,” reads a statement from the company on Jan. 8.

The company’s Medicine Hat facility, located off Box Springs Road, comprises 56 units.