BTC mining is an exciting and fast-growing industry to be a part of. Just make sure you’re putting down roots in the right places. What are some of the main factors to consider when you think about the location of your new mining farm? Let’s find out in today’s article!
Powering the hardware is the most expensive part of a mining operation due to the need for fast and powerful mining machines to solve algorithms quickly. Operations that think they are powerful can easily be overwhelmed by high electricity prices. Therefore, when choosing a location, operators need to know not only what power options are the cheapest, but also what power models are available at that location.
Considering that BTC mining farms run hundreds of miners all day and night, it’s easy to see how the cost of electricity can get out of control. The last thing you want to do is to open a business and find out that you’ll never be able to make a profit due to the high cost of electricity. What’s more, if you want to save power with an immersion cooling system, please consider our Box Technology immersion cooling systems.
Green Energy Availability
You may be finding cheap electricity, but is it sustainable? The good data is that green energy sources such as wind, solar, and hydropower are all cheaper sources than natural gas and coal.
But while sustainable energy is the cheapest option when it comes to cost, miners are not all using sustainable energy.
ARK Investments and the Cambridge Centre for Alternative Finance found that 76% of miners are actively using sustainable energy as part of their mining operations. In addition, the industry as a whole is pushing for more sustainable ways of doing business, from pledging to reduce emissions through a new cryptocurrency climate agreement to using excess heat from their own data centers to power local greenhouses, farms, and towns.
Suitable Areas For Mining
Another question surrounding the choice of location. Will they let me mine here? Which countries are opposed to bitcoin mining and which countries are encouraging the future of bitcoin mining? These are all questions that need to be considered.
When you are looking to hire talent, you need to draw from industries or positions that have similar functions and similar problem-solving where skills are transferable.