CHEAP ELECTRICITY FOR A MINING

Cheap Electricity for a MiningThe more complex calculations must be performed by a miner to get bitcoins as a reward, the lower the profitability of such activities in principle. So today the cryptocurrency mining is profitable only if you have a cheap electricity and several powerful computing devices with a modern cooling systems and chips.

With the advent of Asics companies have begun to open that produce cryptocoins on an industrial scale and place large so-called farms in places where energy is inexpensive, and the environment can boast a low air temperature. For example, a development of mining farms is very common in Inner Mongolia. Some of these companies become “cloud” and rent some part of the hashrates out.

In January 2015 the consumed power volume for the bitcoin mining around the world were 1.46 terrawatt-hours per year, assuming that everyone use only energy efficient ASICs. Thus, the average power is 160 MW.

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In most countries around the world, the cost of electricity is quite high. If kilowatts costs $ 0.06-0.35 per hour, a coin production will be unprofitable. As a result, many cryptofarms were moved to cold areas of the world where the energy costs much lower. For example, many data centers are opening in Iceland.

In addition, alternative methods of the cheap electricity production are considered. So, scientists are trying to increase the efficiency of wind turbines, learning how to save energy in “batteries”, and to install turbines in the wind direction. Note that in Iceland the whole country is using energy produced from geothermal sources.

If scientific developments justify itself, major mining companies will certainly be interested in getting a low-cost power. In the meantime, miners aren’t really looking to alternative sources of an energy as it needs to invest considerable amounts of money in their development.

Meanwhile, in Sweden built one of the largest mining farms The Node Pole. KnC Miner, producer of “asics” is doing this. Sweden, as Iceland or China, are characterized by low cost of the electricity and low annual temperatures, it also allows saving on cooling systems.