[ad_1]
Bitcoin (BTC) and crypto mining require the perfect balance between costs and energy revenues to be a profitable investment firm. In the case of energy, economic rates are preferred. There is also the aspect of cooling down mining machines that are usually operated by air conditioning in traditional data centers. But why use extra energy when you can use fresh air in nature in specific regions and / or countries around the world? With the price of all cryptocurrencies declining in the current bear market, it is very desirable to reduce operating costs of mining.
Because Mongolia has become the preferred mining destination
It is here that Mongolia is emerging as a favorite destination for cryptic miners to create a shop based on the two factors of economic and cold electricity to promote cooling. These ideal conditions have attracted a number of Japanese miners, one of whom is Ginco's e-wallet.
Ginco manages two mines in Ulaanbaatar: the capital of Mongolia. One of the facilities is located in an underground area of a condominium complex with over 600 mining computers. The site began mining operations last October and plans to add another 1,000 units at the start of this year.
Yuma Furubayashi, CEO of Ginco Mongol, further elaborated that the cost of energy is a key factor in the calculation of profits deriving from crypto activity in the current market conditions. With the cost of electricity in Mongolia which is a third of what it is in Japan, the landlocked nation is ideal for mining.
Crypto Winter is Unforgiving
With the value of Bitcoin falling from $ 20,000 to current levels of $ 3,600 over a period of one year, many BTC and crypto-mining companies have reduced or completely closed the store. A good example is Bitmain who had high hopes of registering an IPO on the Hong Kong stock exchange. However, due to the decline in the value of BTC and the operational difficulties caused by the November Hash wars, the company has witnessed a massive restructuring that has led to a large majority of staff to let go. It is said that even his CEO, Jihan Wu, will resign. Furthermore, all the hopes of an IPO have continued to decline over time.
What are your views on mining crypts operations that are attractive in Mongolia due to low energy costs and cold weather? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
Source link
