Bitcoin farms, i.e. places where cryptocurrencies are mined on a massive scale. Find out what the largest Bitcoin farms in the world look like and what they are.
Bitcoin is becoming more and more popular, more and more people are interested in it and are considering buying it. This affects the size of the network, which in turn is correlated with the difficulty of mining the oldest cryptocurrency. The development of the market and the search for more and more effective methods of mining made both the CPU and GPU systems unprofitable, and even having one ASIC chip may turn out to be not very profitable. This situation forced the miners to join forces and create so-called mining farms, where huge amounts of Bitcoin miners are located on huge storage areas. Here are the biggest of them:
Dalian Mining Farm
Dalian Mining Farm - located in Dalian, China. It is one of the largest Bitcoin mining centers in China. The computing power of the entire farm is 360,000 TH. This gives you the ability to mine 750 Bitcoins per month.
Bitfury - it is the oldest cryptocurrency farm established in 2011. It is located in Amsterdam and its founder is Valety Vavilov, who is passionate about cryptocurrencies and takes an active part in implementing blockchain technology in financial systems.
Genesis Mining - the company has been operating since 2013 and focuses mainly on the lease of computing power. This means Genesis allows users to purchase computing power lease contracts that allows them to mine altcoins in the cloud. This gives everyone an affordable start in mining cryptocurrencies. The company was originally based in Chinacz and Bosnia, but has now moved to Iceland and Canada.
Bitman / Antpool
Bitman / Antpool - the farm was launched in 2013 by Jihan Wu and Micree Zhan. After 2017, there was a lot of information that the company was experiencing financial problems due to the cryptocurrency market slump, but the company is still operating and does not seem to be doing poorly. In addition, Bitman also produces one of the most popular cryptocurrency miners - AntMiner. The company earned $ 4 billion in 2017, despite reports that mining cryptocurrencies was less profitable.
GigaWatt - is a farm launched in 2012 in Washington by Dave Carlson. Originally operating as MegaBigPower, over the years, thanks to Carlson's consistent work, the company has grown and is now America's largest Bitcoin mining farm. GigaWatt additionally started selling its own mining equipment.
Although the above examples are collected from around the world, the largest number of cryptocurrency farms are currently in China. It is a superpower when it comes to computing power, because Chinese mines are responsible for as much as 65% of the computing power in the Bitcoin network. The reason for such a location is, first of all, cheap electricity and cheap devices, which with such large quantities is essential when it comes to profitability. Additionally, China is getting into and involved in the cryptocurrency market quite a bit. Apart from having the largest farms, they are also one of the largest producers of mining equipment. It is worth adding that the well-known and popular cryptocurrency portals and exchanges also belong to Chinese companies.