Cryptocurrency Mining Latest
As has been reported on many many occasions, Cryptocurrency miners are becoming more and more innovative in a bid to find cheaper power costs. This is happening all over the world and only recently we have seen Western Balkans country Kosovo being targeted by miners because of its ridiculously cheap electricity costs. We have also heard about Canadian company Solar Alliance purchasing an old factory in Illinois to develop a solar powered farm. And there is more to come with Ukraine now being hit simply because there is no need for a license to mine there. New York has not been left out of the equation either with Coinmint using an old site of a former aluminium smelting plant to mine. So it’s all go all over the world!!
3G Venture II
The latest purchase of land and big mining story is that of 3G Venture II which has just spent $13 million for a new site for Cryptocurrency mining. 3G Venture II has been extremely clever in its approach to finding the most suitable piece of land for its mine. The site is the home of an old Intel manufacturing plant set on 30 acres in Colorado with several buildings, although 3G Venture II are only planning on using three of these. A size of approximately 85,000 feet will house the 3G Venture II project. The buildings and area which are not part of the new crypto mining farm will be put onto the market and available for leasing for the local community.
The site – in many ways – is perfect for 3G Venture II because of all of the utilities that are already set up and installed. There is very little in terms of large renovations for power and water that will need to be done. There is also the added bonus of a power substation being onsite. There are also two different power sources which are available for the crypto mining site and those leasing the other buildings. Intel originally purchased the site for their own operations back in 2000. But the company was then forced to leave the site a few years later when they product that was being made at this particular factory – computer chips – was sold by Intel. There are already rumours that 3G Venture II has requested for more power to be available to support their mining needs. This would be of absolutely no surprise at all if these rumours were indeed true. As we all know well, crypto mining is a huge drain on power supplies and requires and vast power load to operate every second it is working.
And In Summary
Colorado is another one of those famous places with cheap power on offer and it is being targeted by large firms because it can offer them the opportunity to work in the most cost effective manner. FedEx and Walmart are already looking at retail space to set up in the area. It is without doubt that similar news stories will be reported on in the coming weeks although it is hoped that these stories will highlight greener options rather than just another drain on the national power grid and another old factory being purchased.