The gold fever of today’s world is not about gold. It is about cryptocurrency. Bitcoins, Litecoins, Ethereum and other digital assets have proved that decentralized digital assets are no less valuable than fiat money. What is more, they provide users with dozens benefits that cannot be expected from the traditional currency. The complexity of mining is caused by the fact that there are millions of powerful machines all over the world that turn digits into money.
They are called mining farms. The equipment takes unimaginable spaces. The server rooms are full of computers with ASICs (Application Specific Integrated Circuits) that function day and night. Their task is to solve complicated mathematical issues. This activity requires a great deal of electricity and make the machines turn really hot, therefore they are also equipped with powerful coolers to avoid overheating. Thus, every mining farm is a very specific place arranged in a thought-out manner. In this article, we are going to talk about the most remarkable ones in detail.
Genesis Mining farm was launched in 2014. Initially, the farm was located in China and Bosnia and now it is in Iceland and Canada. The reason for such relocation is obvious: cool climate and low electricity prices.
They say that Genesis Mining is a number one electricity consumer in Iceland. At the same time, the farm owners prefer to keep their bills as well as their exact location in secret. The security issues are really crucial in such profitable and complicated sphere as cryptocurrency mining.
Today, Genesis Mining provide cloud mining services and allow clients from all over the globe to buy contracts and rent mining powers to get altcoins. The cloud mining technology is very popular among Bitcoin enthusiasts and regular users because buying equipment is significantly more expensive.
GigaWatt is located in Washington, U.S. The founder of this enormous farm is Dave Carlson. Remarkably, his success story is similar to those classical situations where a regular guy, who used to work as computer repairer or a salesman, becomes a billionaire one fine day. As many other beginners, he started mining coins with his home computer equipped by GPU and now he has the most profitable farm in North America and one of the largest ones in the world.
Carlson was working in an advertising company for ten years and decided to give up his job because of the financial troubles he had to face there. As a result, he started mining bitcoins. First, his farm was located in the basement of his house and was called MegaBigPower. In a couple of years, his incredible profits allowed him to grow even bigger. Today, his company is called GigaWatt and brings him millions of dollars per year.
The current location of the farm is unknown, since he wants to save confidentiality and avoid attracting the attention of public like many other farm owners. He has fifteen employees right now and the monthly income of the farm is more than a million dollars. The amount of money Carlson receives from his business allowed him to start mining equipment production and sale it to other people who are interested in mining.
Today, MegaWatt is doing really well. Carlson says that there are two main factors for his success: a strong will to escape poorness and a significant opportunity connected with low prices for energy in his state.
Dalian mining farm
The leading producer of ASICs and video cards for cryptocurrency mining is China. Due to this fact, Chinese have an opportunity to purchase the equipment for cheap. What is more, they don’t have to pay for delivery (or have to pay significantly less than people from European countries).
What is more, China can boast of low electricity rates. By the way, the Chinese government did everything to keep the prices low in order to encourage Bitcoin mining among the official farm owners. This country is the champion in Bitcoin mining today.
The job competition in China is extremely high due to the large population, therefore there are many industrial locations there. People live in these towns and work for a small salary during their entire life, so most of them have never seen anything but their plants. The same scheme can be found on the mining farms. They are incredibly large and require a lot of workers to ensure efficient functioning and currency production.
As a result, cryptocurrency mining farms flourish in provinces and small towns of China. One of such towns is Dalian and this is the most profitable farm in the country and, we must admit, the world. More than 3% of hash rate of the whole Bitcoin network is concentrated there. It is a triple-decker farm with an advanced ventilation and dozens of people who supply its proper performance.
BitMain / Antpool
Jihan Wu and Micree Zhan have launched BitMain is 2013. Zhan has made a translation of Bitcoin’s whitepaper that revealed all the peculiarities of the network. Right after that, Jihan contacted him and his assistance in creating a new chip for mining. Soon they have managed to develop a large mining farm.
BitMain is located in a warehouse and you will find hundreds of mining rigs buzzing there 24/7. During 2017, Jihan and Zhan have earned 4 billion dollars and their farm is still very profitable.
Bitfury mining farm was found in 2011. Valery Vavilov, the owner of the company, has expanded interests across the cryptocurrency world and goes far beyond mining. His main focus is blockchain and implementation of this technology into existing financial and managing systems. What is more, he supports communities who would like to create new digital assets and develop the idea of decentralization all across the web. That is why, Bitfury is one of the main names in the universe of digital money.
Bitfury owns a lot of offices around the world and hires experts of all spheres to cooperate and encourage wider use of the blockchain as well as some other helpful tools for better transparency of this technology. They strive to incorporate blockchain into businesses and organizations to allow fast and highly efficient asset-transfer that doesn’t require high fees.
As you can see, cryptocurrency is a serious business of global significance. This is the trend of the modern world we live in and a very important event in the history of Internet and financial systems. We believe that a great deal of amazing technologies and incredible success stories is about to come!