In general, bitcoin and cryptocurrencies are getting a lot of attention. Thanks to Bitcoin’s bullish cycle, there are a lot of investors who want to get their hands on BTC. But also, Bitcoin mining is an important part of the blockchain network, and it is popular with large investors and companies. In fact, huge Bitcoin farms have been created all over the world with the sole purpose of acquiring BTC.
What is a bitcoin farm?
First, let’s explain what bitcoin mining is. Bitcoin mining is a process conducted by miners, and users on the network, who need to solve complex mathematical puzzles in order to verify transactions on the network, and by doing so, they secure the network and discover new BTC.
Their impact is crucial to the available supply of BTC as well as the overall safety of the network. For the work they do, they get a collective reward when new transactions are added to the network. But, unfortunately for lone miners, it is very difficult to mine profitably on your own, for two reasons.
The first reason is the Bitcoin halving, an event programmed to happen after 210,000 BTC has been mined. It divides the block reward in half, which means that the main prize becomes smaller. The next reason is that the process becomes more difficult when the collective computing power in the blockchain network increases. But as the blockchain network continues to grow, you can only imagine that to be successful, it will need a lot of computing power. So it is necessary to invest heavily in high quality computers.
Mining farms have been developed in response to this situation. The mining farm is located in a large area, like a warehouse, and uses special computer equipment for mining, as well as air conditioning to prevent overheating of equipment and other resources to achieve the best results from bitcoin mining. Some mining farms have their own investors, and they operate as startups.
Liaoning Province, Northeast China
This mining farm is located in Liaoning Province, Northeast China. It is one of the largest mining farms in the world. She works in the huge space of a renovated abandoned factory. The farm has a computing power of 360,000 TH, and they are able to mine more than 700 BTC per month.
So, it is certainly understandable with this level of competition why so many people, especially those who do not have the option to join a farm or mining pool, are investing in BTC on online exchange sites.
Online exchange sites are widely accessible on mobile and desktop devices, and you just need to choose a trustworthy trading platform, make a deposit, and start trading. The software is powered by advanced AI technology with a daily win rate of up to 60%. If you want to become a member.
Guido Rudolphi is the owner of the mining farm which was initially located in Zurich, but the electricity costs were too high, and he moved it to a small village where the farm ran efficiently. Again, the farm is located in a factory building and has been successfully mining BTC since 2016. The cool climate also aids the mining process and prevents the equipment from overheating. This is one of the largest farms in Switzerland.
The cold temperatures of Iceland are also beneficial for mining. Genesis Mining Farm was founded in 2013, and since then, it has become a well-known brand in the industry. It generates a hash rate of 1000GHz and is the largest cloud miner worldwide. Genesis mining farms are also found in Canada and Bosnia.
There is not much information about the location of one of the largest mining farms in Russia. However, it is estimated that approximately 600 BTC is mined on a monthly basis, with a hash rate of 38 PH per second. It is worth noting that 3% of all nodes in the blockchain network are Russian. Cryptocurrency mining is still illegal in Russia, although trading is legal through licensed sites.
Bitfury is one of the oldest mining farms in the world. Variety Vavilov, founder of the company that also provides services in the field of blockchain technology, artificial intelligence, and cryptocurrency. Since its establishment in 2009, the company has grown exponentially and provides services to more than 17 countries across the world.