Cryptocurrency mining has undergone a huge transformation over the past year, owing to the massive rise in value of cryptocurrencies. It is no longer restricted to a few developers and their mining rigs. The industry has gone on to become a multi-billion dollar industry with multiple farms and rigs set up all around the world for the sole purpose of mining cryptocurrency.
The largest cryptomining farms in the World
While setting up a mining farm might sound lucrative, you have to aware of the operational costs, equipment costs, size, and power usage. It costs a lot of electricity to maintain due to high amount of energy consumed by the machines as well as the cooling needed by the equipments to avoid overheating. So, you’d better have deep pockets before considering setting up a mining farm.
Now, let us take a look at some of the biggest mining farms out there.
Giga Watt mining farm
Where: Washington, U.S.
Sicnce when: 2012
Hashrate: 1.3 PH
The Giga Watt mining facility is one of the largest mining farms in North America, and incorporates just over 1,700 GPUs.
The founder of Giga Watt, Dave Carlson is a former Microsoft software engineer who moved into mining in 2010, only a year after Satoshi Nakamoto released his Bitcoin Whitepaper. Started to build the farm in the basement of his house and turned it into one of the biggest farms in the World. The facility uses inexpensive hydropower that is readily available in Washington, making it relatively competitive in a Chinese dominated market.
Where: Reykjavik, Iceland and Canada
Sicnce when: 2014
Hashrate: 1000 GH
Genesis Mining is dubbed the world largest ETH mining platform in the world. Having started with Ethereum, today, the facility mines coins like Zcash, Dash and Monero. With farms located across Iceland and Canada, two of the coldest countries, the mining facility is powered by geothermal energy.
As well, the company offers the biggest and most trusted cloud mining service in the industry, that allows to mine Bitcoin and altcoins too.
There are rumours, that Genesis Mining is the largers electricity consumer in Iceland.
Bitmain Ordos, Mongolia
Where: Ordos, in Inner Mongolia, 400 miles from Beijing
Since when: 2014
How big: 25,000 mining rigs
The Bitmain SanShangLiang industrial park mining complex is located deep in the countryside of inner-Mongolia, and is one of the largest mining facilities in the world. It comprises of 25,000 machines processing $7000000 worth of BTC daily (at the price of $4000 per BTC).
This huge mining facility consumes a lot of electricity and employs 50 employees working around the clock to monitor the rigs.
Dalian mining farm
Since when: 2016
Hashrate: 360000 TH
The mining farm based in the city of Dalian has a massive hashrate of 36000 TH making up for 3% of the entire total Bitcoin network. The facility is said to mine about 750 BTC every month.
A larger percentage of mining farm settle in China due to cheap electricity, coupled with the fact that ASIC miners are produced there. This makes the equipment more affordable and easy to deliver. The Chinese government also reduces electricity charges for mining farms in China.
Bitfury Mines, Georgia
Where: Tbilisi, Georgia
Since when: 2011
As one of the leading blockchain technology companies in the world, the Bitfury mining facility is just as relevant to the market. The naturally cold climate in Georgia helps reduce costs and prevent the mining rigs from heating up.
Bitfury produces ASIC chips Bitfury Clarke. As well, the company is a software providor for blockchain apps.
The government of Georgia also totally welcomed the company and its mining operations in the state.
Majority of mining farms hesitate to reveal their locations due to regulation and security issues. After all, mining equipment can cost a fortune. So, it is difficult to tell if you live near a huge mining farm. As the values of cryptocurrencies continue to rise, we will inevitably have a lot more of these huge facilities around.