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Wednesday, Jun 12, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Bitcoin

CryptoBlox uses AI to maximize Bitcoin mining capabilities at new facility

The Data Centre will use real-time information to monitor power, heat and network activity

CryptoBlox uses AI to maximize Bitcoin mining capabilities at new facility
An inside look at Cryptoblox's modular data centre. Image via Cryptoblox.

CryptoBlox Technologies Inc. (CSE: BLOX) is using artificial intelligence to maximize operational efficiency and cost-effectiveness while keep environmental costs low at its new Redwater Bitcoin mining facility.

The company reported on Friday that the company also recently installed 133 next generation Bitcoin miners and substantially boosted its mining capacity.

These miners provide a maximum total hash rate of 13,182 terahash per second, or 1.3 petahash per second, offering an increase in Redwater’s computational strength and overall mining capabilities.

By combining Lavrium’s advanced AI technology with the newly added miners, Redwater will make better use of its computing resources. The AI algorithms will intelligently manage and distribute the mining tasks, making sure the miners work efficiently and use less energy.

Read more: Pulsr Foundation offers search engine optimization for NFTs

Read more: CryptoBlox Technologies acquires data centre builder in Alberta for $11M

Artificial intelligence enhances productivity by reducing downtime

Lavrium’s AI technology, when combined with Redwater’s advanced data analysis, will help predict when the mining equipment needs maintenance. This means less downtime and more efficient mining operations.

The AI will continuously monitor the miners’ systems in real-time and quickly identify any unusual patterns that might indicate possible equipment problems. By fixing these issues before they become major, Redwater can avoid mining interruptions.

This approach is expected to increase profits and save money by reducing operational expenses.

“The convergence of cutting-edge AI technology and the integration of 133 high-performance Bitmain ASIC miners marks an significant moment for CryptoBlox,” said Taryn Stemp, CryptoBlox’s interim CEO.

“We stand poised to establish fresh benchmarks for operational efficiency, energy optimization and profitability. This strategic alliance, coupled with augmented mining capabilities, reinforces our commitment to ushering exceptional economic benefits for the company.”

The Data Centre will use real-time information about how much power is being used, the temperature inside and how busy the computers are working. It will use this data to distribute the computing power and adjust the cooling systems based on need, so the computers work efficiently without wasting energy. This approach will save money and help CryptoBlox maintain a low carbon footprint.

Cryptoblox acquired and implemented a modular data centre from True North Data Systems Ltd. earlier this month, offering a capacity up to 300 ASIC miners.

The facility has a control function using sensors to automatically manage the heating, ventilation and cooling systems. It has a Human-Machine Interface (HMI) to make it easy for people to control these settings and the exhaust system uses Variable Frequency Drive (VFD) technology and sensors in strategic places to keep the building’s temperature under control.

To make sure the air comes in without any problems, even in winter, the air intake valves are heated to prevent frost and blockages. This careful design makes sure the airflow is never interrupted, so everything works at its best. The heat tracing is efficiently managed through a local control panel in the building, which gives the operators more control and flexibility.

Read more: CleanSpark bitcoin mining campus in Georgia goes live

Read more: Four companies combine to build largest registered crypto trading company

Mix of technologies paving way for Web3

Integrating technologies such as artificial intelligence, internet-of-things (IoT) and blockchain can lead to a more efficient and innovative business environment. Companies can streamline operations, reduce costs, improve customer satisfaction, gain competitive advantages and explore new business models. Additionally, these technologies provide a foundation for future growth and scalability as the digital landscape continues to evolve.

A few companies using these three technologies in their businesses include blockchain supply chain startup VeChain, German multinational conglomerate Siemens AG (FWB: SIE) and IBM (NYSE: IBM).

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