Nowadays, the humanity is on the path of a principally new kind of “gold rush” – Bitcoin mining. Bitcoin miners can be both individuals and huge corporations with millions of dollars worth of equipment and electricity bills. Mining farms are data centers for mining bitcoins or other cryptocurrencies. The 70% of all bitcoin mining takes place in China. Huge mining farms also exist in Iceland, Russia, Czech Republic, USA, and other countries. The location of mining farms is largely determined by the cost of electricity in any given country. For example, the electricity in China is quite cheap, which gives Chinese miners a great advantage.
The largest mining farms
Genesis Mining in Iceland is among the leaders in bitcoin mining. The mining capacity is located in Iceland and Canada. The secret of success is in relatively cheap electricity and cool climate. Mining farms of Genesis mining are believed to be the largest electricity consumer in Iceland. Enigma is the heart of Genesis Mining and is the largest Ethereum mining facility.
Dalian Mining Farm
Dalian farm in Dalian, China, accounts for 3% of bitcoin network’s hashrate. Every month Dalian farm mines 750 BTC with electricity cost around $1,170,000. China is a great area for mining cryptocurrency due to many reasons. Firstly, its huge territory allows to deploy mining factories in the unoccupied buildings not far from the cities. Secondly, Chinese miners have all the necessary mining and cooling equipment delivered right to their front door at zero cost and in no time. Finally, China is among several countries with the cheapest electricity in the world. No wonder, Dalian farm is in the forefront of cryptocurrency mining.
Gigawatt, a multimillion-dollar company located in the building of a former warehouse in Washington, U.S. The company’s founder, Dave Carlson, decided to take up mining when faced with financial difficulties. Being an experienced software specialist, Carlson started mining for first bitcoins with an ordinary GPU. Nowadays, the business is going great. The monthly administrative expenses, including salaries and electricity bills do not exceed $1 million, with the profit supposedly being much more than that.
Swiss mining farm
Located in a small village Linthal, Switzerland, this mining farm can still boast low electricity bills. Despite being not as big as other mining farms, this farm’s owner is in bitcoin mining out of political consideration and believes that cryptocurrencies can change the world for the better.
The exact location of the biggest mining farm has not been disclosed yet. However, it is evident that it generates about 600 BTC per month with electricity expense of around $120,000.
What to Expect
Despite the fact that all these mining farms and ming facilities are quite recent, they have already occupied the minds of thousands of entrepreneurs, IT specialists, and enthusiasts. There is no easy way to say which farm is the biggest or mines the largest number of BTC because the information changes every day and new factories and facilities emerge. Another point to consider is that not all mining farms are open to public view. The majority are located in quite distant areas with limited numbers of specialists and workers, who, quite often, live near the facility. The aforementioned mining farms are on the list because of being quite a while in the mining business and demonstrating stable income with each month.