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Mining is an energy-intensive process and at the moment mining companies and enthusiasts are struggling to break even when digital currency prices accumulate in the fund.
From the beginning of 2018, the prices of the major cryptocurrencies have fallen dramatically. The price of Bitcoin, in particular, has fallen by over 65 percent. As such, it would be easy to assume that there is a correlated decline in the extraction of cryptocurrencies, but this is not the case.
Instead, the sector is witnessing an increase in hashrates across the board. Bitcoin hashrate statistics indicate steady growth, despite price suppression and the collapse of transaction volumes.
A higher hashrate is an indicator of the optimism of miners on the market and of a possible recovery. It appears that miners do not take mining costs into account today's cryptocurrency rates, although analysts indicate that the break-even point for mining is well above today's prices.
According to Genesis Mining CEO Marco Streng, big players are approaching basement amateurs due to economies of scale advantage and, in many cases, more efficient miners. This efficiency has constantly increased the difficulties in the mining sector due to the collapse in prices of digital currencies. Competition in the industry has forced companies and miners to become much more innovative.
The innovative mining encryption company finds new ways to reduce costs
TMGcore, a company with blockchain technology, has taken mining to the next level. The company, which operated in eastern Texas, reportedly uses two-stage liquid cooling technology to reduce cooling costs by up to 90%.
The process, as reported by Fox News, involves the immersion of customized ASIC cards in a fluorochemical refrigerant called 3M Novec. As the chips on the board boil, they create steam, which comes in contact with the cooling coils connected to the cooling towers.
The coils turn the steam into cold water, which is then pumped back into the system. According to Taylor Monnig, TMGcore's chief operating officer, the constantly cool temperatures are maintained and the air conditioning only works in the months of June, July and August. The project is currently focused on bitcoin extraction.
According to the report, TMGcore is also ready to launch a mining pool dubbed LEGACYII in 2019, which will run on renewable energy.
Great cryptocurrent mining players who go to extraordinary lengths
Years ago, it was possible to take advantage of my advantages with the use of personal computers, and many home and dorm operations had significant success. Now, however, well-financed organizations have invested millions in highly sophisticated mining technologies and purchased extraordinary energy resources, enough to push small players because of the hashrates' expansion.
In January, Russian business man Aleksey Kolesnik made headlines when he bought two power plants in Perm for about $ 3 million. The facilities were for the purpose of creating a mining crypt and a data center.
And in April, two companies in Australia, Hunter Energy and IOT Group, set their sights on a disused power plant with a plan to restart the project and provide energy to blockchain companies.
Hunter Energy and the IOT group are targeting a disused power plant (Image Credit: Wikipedia)
Although the project has not yet come to fruition, this and other related projects show how much the participants in the sector are willing to go for a competitive advantage even in times of turbulence.
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