FOUNTAIN HILLS, Ariz., Jan. 19, 2018 /PRNewswire/ -- Fernhill Corporation (OTC PINK: FERN) is pleased to report its progress on the development of a bitcoin mining rig with onboard energy storage and peak shaving capabilities.
CEO Adam Kovacevic said: "Over the last several weeks we have been researching and designing a platform to develop a bitcoin mining rig that has the capability of self-regulating its demand for power. A mining rig specifically built to peak shave can prove to be a viable solution to assist in driving down the high costs of power consumption associated with the bitcoin mining business."
Peak shaving is the process of reducing the amount of power purchased from a utility company during peak demand hours. Globally, peak pricing structures allow for utility companies to bring on additional capacity to meet the obligations of increased power demands during specific times of the day. This additional capacity comes at a cost to the consumer as typically older, costlier to run power generation equipment is brought online to keep up with peak demand. Peak power pricing is substantially higher than normal rates in order to encourage users to reduce their consumption during these specific times.
Fernhill's CEO concluded: "The development of a system that can run independently off the grid during peak hours is intriguing. We believe that a feasible solution can be developed to significantly decrease the energy costs associated with bitcoin mining by offsetting the electric demand usage times. Electricity costs associated with bitcoin mining could be decreased by more than 30% in some instances by introducing a system with peak shaving capabilities."
Fernhill estimates that the first mining rig will be completed and delivered to its client for evaluation in approximately 30 days.
About Fernhill Corporation
Incorporated in Nevada with operations in North America, Fernhill Corporation is currently focused on development, acquisitions and or partnerships in energy based sectored businesses. Fernhill Corporations core products are based in alternative powered products in the renewable energy and technology sectors. The Fernhill corporate asset base will be established by its current and future patent applications.
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SOURCE Fernhill Corporation