HIVE Blockchain partners with EcoCooling to maximize operational excellence in the most efficient High Performance Computing facility in the world; announces extended timeline for filing annual and quarterly financial statements due to COVID-19
VANCOUVER, BC, July 28, 2020 /PRNewswire/ - HIVE Blockchain Technologies Ltd. (TSX.V: HIVE) (OTCQX: HVBTF) (FSE: HBF) (the "Company" or "HIVE") is pleased to announce that it will become a development partner in the Boden Type Data Center (BTDC) research project, a European Union-funded project with the key objective of demonstrating a range of highly innovative key engineering principles to construct the most cost- and energy-efficient data centers with minimal environmental impact. The BTDC was awarded the prize of Non-Profit Industry Initiative of the Year by Data Center Dynamics in December 2019 . The Company also announces that due to circumstances created by the COVID-19 global pandemic, the Company will not be filing its audited financial statements for the year ended March 31, 2020 by the scheduled due date of July 29, 2020 and will be relying on the 45-day extension period provided to issuers by Canadian regulators; it expects to complete its filings during August.
Lower Power Costs Becoming Essential Component for Profitability of Digital Mining Operations
, /PRNewswire/ -- The rise in popularity of digital mining and the underlying blockchain technology presents both challenges and opportunities to the energy sector. Cryptocurrency mining is a difficult and costly activity. Miners must pay to build ever increasing bigger rigs capable of vast amounts of processing power, and then the rigs themselves must be powered with large quantities of electricity. Companies with the access to electricity resources have a huge 'leg-up" on their competition… so the race to acquire sources of inexpensive electricity can be a life-or-death situation for the mining facility. Many installations actually decide where to build their facilities based largely on the local availability of energy production facilities. As a result, the largest mining operations are springing up in parts of the world with cheap electricity, like . In 2018, the state of , by some estimates, hosted 15%- 30% of all Bitcoin mining operations globally due to availability of less expensive power sources. The cost matters! Profitability in a large part, relies upon how much their electricity costs… and IF they can even get all that they need. An in The Economist said: "BITCOIN has been alarming people for years because of the amount of electricity needed to mint new virtual coinage. , a bitcoin specialist at PwC, (estimated) that (in 2018) the… global power consumption for the servers that run bitcoin's software is a minimum of 2.55 gigawatts (GW), which amounts to energy consumption of 22 terawatt-hours (TWh) per year—almost the same as . Google, by comparison, used 5.7 TWh worldwide in 2015. What's more, bitcoin "miners" consume about five times more power than they did last year, and orders of magnitude more than just a few years ago—and there are no signs of a slowdown. Active companies in the markets this week include (NASDAQ: MARA), . (CSE: LNK) (OTCPK: LGLOF), (OTCQX: HVBTF) (TSX-V: HIVE), (CSE: NC) (OTCQB: NTTCF), (NYSE: IBM).
More Efficient, Lower Power Costs Increasing Value of Digital Mining Operations
, /PRNewswire/ -- Power is King now a days while Digital Mining isn't created for free, the computer-based miners that create it use vast quantities of electrical power in the process. Cryptocurrencies are mine (i.e. "created") by people around the world trying and solve the same mathematical puzzle using computers. About every 10 minutes, someone solves a puzzle and is rewarded with some type of cryptocurrency. Then, a new puzzle is generated, and the whole process starts over again. A recent asked: "So how much electricity does a bitcoin take to produce? Written testimony presented to the U.S. Senate Committee on Energy and Natural Resources in claims that bitcoin mining accounts for about 1% of the world's energy consumption. As more people learn about cryptocurrencies and mining—and as the cryptocurrency price increases—more of them are using their computers to mine. As more people join the network and try to solve these math puzzles, you might expect each puzzle to be solved sooner, but cryptocurrencies are not designed that way. The software that mines bitcoin is designed so that it always will take 10 minutes for everyone on the network to solve the puzzle. It does that by scaling the difficulty of the puzzle depending on how many people are trying to solve it. In other words, although the time taken to produce a bitcoin doesn't vary, the computing power used to produce it does. As more people join the bitcoin network and try to mine bitcoins, the puzzles become harder, and more computing power and electricity are used for each bitcoin produced." Active companies in the markets this week include (NASDAQ: MARA), . (CSE: LNK) (OTCPK: LGLOF), (NASDAQ: RIOT), (NYSE: PWR), (OTCQX: HVBTF) (TSX-V: HIVE).