As we all know, mining Bitcoin is a costly expense and it is coming to the point where the profit margins are getting scarce. It has been very well publicised about how expensive it is becoming to mine the number one Cryptocurrency. Miners are now being forced into desperate measures of moving their mining operations to other countries just to ensure their expenses (i.e. power costs) remain low. Although every effort is being made to provide the necessary electricity with greener resources such as hydro and solar power, sadly the resources are just not being built quick enough for the demand. As well as the power concerns, miners nowadays have to purchase huge and very expensive mining machines to mine Bitcoin. Gone are the days of doing this on your laptop. On top of this, there is the need for the vitally important cooling systems to keep these large processors at the correct temperature whilst they are continuously mining.
Bitfury Moves Forward
One of the Bitcoin mining leaders – Bitfury – has been working hard behind the scenes and has now found a way (after spending an awful lot of money) to keep its mining machines cool.
This China based innovator is not only a Bitcoin mining expert but also is at the forefront of Blockchain infrastructure and is now making the most of the world’s largest immersion cooling system in Georgia. There is not much that this company misses. There are nearly 200 cooling tanks located in Tbilisi. The great news is that the liquid being used is not only non-flammable but also eco-friendly too – which is a major plus for the Crypto mining industry.
Bitfury Cools Down
The main reason for this cooling project is to keep the company competitive and able to mine the last of the Bitcoins that are available. This in itself is becoming increasingly difficult as the numbers that are on offer are diminishing by the day.
The mining industry trailblazer has produced a concept to keep the mining hardware cool without having to bury it in cold mines or move their mining farms to Siberia. Others have resorted to using old shipping containers with intricate cooling systems to keep their processors at the correct temperature. However, Bitfury has – after extensive research – developed a new innovative system of actually positioning its computers into a specially designed and non-conducive liquid. This is not only keeping the temperature of the processors down but in turn is reducing the operating costs of the 40-megawatt mining farm which is located in Tbilisi, Georgia – the location for the very first World Digital Mining Summit taking place later on this month.
Georgia Heats Up
Georgia is very quickly putting itself on the map especially since it has been chosen to host the eagerly awaited inaugural World Digital Mining Summit. Another Chinese giant – Bitmain – is one the two founders of the event. As reported recently, it is already listed as the world’s second largest area for Crypto mining after China. This is one big achievement. This is very much thanks to cheap energy costs, inexpensive land and the fact that the government is offering very favourable tax.
Things are certainly moving forward at an increased rate of knots and no doubt there will be more exciting news to follow soon.