Hydro66 Increases Crypto Hashing Power by 40%
Now at 1.75 MW of equipment with 90% dedicated to Bitcoin
Boden, Sweden--(Newsfile Corp. - May 21, 2019) - Hydro66 Holdings Corp. (CSE: SIX) (OTCQB:HYHDF) ("Hydro66" or the "Company") is pleased to announce that it has purchased an additional 0.5 MW of ASIC crypto equipment to operate in its award-winning data center. Prior to this purchase, the company had been operating 1.25 MW of ASIC and GPU equipment.
Hydro66 selectively purchases GPU and ASIC equipment as algorithm difficulty and pricing of computing equipment, combined with in-house analysis, suggests a substantial opportunity to generate cash flow. The Company recently identified such a window and was able to make this additional purchase of equipment just prior to the significant upward move in Bitcoin price. Hydro66 anticipates that the investment will have a rapid payback and will generate substantial positive cashflow over the investment horizon.
Hydro66 also provides colocation facilities for wholesale crypto customers and has seen an uptick in new inquiries, along with the resumption of mining from existing customers.
The Company has built a 19.2 MW data center facility with the ability to expand to 40 MW and an option for an additional 40 MW on an adjacent site. The power cost is among the most competitive in the EU and the facility has been designed and built with efficiency in mind, boasting an industry leading Power Usage Efficiency (PUE) of 1.07. The Company is employing a three-pronged strategy consisting of Enterprise colocation for High Performance Computing and both direct and wholesale cryptocurrency operations.
Alex Johnstone, incoming CFO, commented, "Hydro66 are delighted to be able to make the investment to expand our ASIC capacity and to take this step reaffirming our commitment to the sector."
FOR MORE INFORMATION, PLEASE CONTACT:
Chief Commercial Officer of Hydro66 UK Limited
Director of Corporate Development
Hydro66 owns and operates an award-winning colocation data center in Sweden specializing in High Performance Computing ("HPC") hosting. The Company hosts third party IT infrastructure, utilizing 100% green power, at amongst the EU's lowest power prices and within an ISO27001 accredited facility.
Hydro66 is uniquely positioned to capitalize on opportunities in blockchain infrastructure as well as the traditional Enterprise colocation data center market. The Company provides truly green power at a leading price, purpose-built space and cooling, telecoms, IT support services and 24/7 physical security in their facility in Boden, Sweden. www.hydro66.com
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