Giant Mining Farm Hut 8 Was Launched with… Threats
CEO of Hut 8 Andrew Kiguel said that cryptocurrencies are an increasingly important tool for people who lost their faith in a traditional banking system.
The recent launch of the largest cryptocurrency mining farm in the world has not been positively accepted by locals for some reason. A gigantic mining farm Hut 8, which was established in Medicine Hat, city in Canada, by BitFury, was threatened by citizens who claimed to cease electricity supply for the farm during the hot season. It should be noted that the city was selected for a reason: Medicine Hat is situated in southeast Alberta which is known for its cheap electricity.
The Hut 8 mining facility has been funded by more than $100 million. It covers 11 acres and is situated in 56 cargo containers. The farm utilizes the same amount of energy as the city with 60,000 citizens. Hut 8 can mine 20 BTC per day.
Despite the warnings of electricity outages during hot weather, the major of Medicine Hat Ted Clugston welcomed the opening of the facility and stated that he would be happy to sell electricity to BitFury’s Hut 8. However, he marked that electricity outages would still be possible since cryptocurrencies are not considered life-critical.
CEO of Hut 8 Andrew Kiguel said that cryptocurrencies are an increasingly important tool for people who lost their faith in a traditional banking system. Bitcoin was created during the financial crisis and it indeed offers opportunities for people who do not trust their government or centralized banks.
However, some people who live in Medicine Hat are worried about the amount the farm consumes. Group of citizens has put some pressure on the major.
To remind, main ecological organizations, such as Greenpeace, have criticized Bitcoin-miners for utilizing more energy than 159 world countries altogether. Opponents say that cryptocurrency mining organizations could pay more attention to the utilization of renewable energy.
Nevertheless, miners claim that the amount of consumed energy is way smaller than banking companies and credit card operators have. Interestingly, according to some calculations, the mining of Bitcoin consumes less energy than the Christmas lighting.
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