The Big 5

2218
The five largest Crypto mining farms in the world.

The five largest Crypto mining farms in the world.

GigaWatt

Start: 2012

Location: Washington, USA

Hashrates: 1.3 PH

The current billionaires are the ones who until recently repaired computers or worked in an electronics shop. One of them, Dave Carlson, began mining with a common GPU and now owns the largest Mingin farm in North America.

A software specialist and entrepreneur with 10 years of experience opted for mining after struggling with financial problems while working in an earlier advertising company. Founded in 2012 in the basement of his own house, the company MegaBigPower, which was later renamed GigaWatt, turned into a multi-million euro business within a year.

Today the farm is located in a former industrial hall. However, the exact location will not be disclosed, similar to other establishments where the owners prefer not to attract the attention of the authorities.

As the company expands, Carlson estimates its monthly operating expenses, including salaries for 15 employees, at more than € 1 million. The final figure of 1.3 Peta Hash pays off in his words. Having managed to attract more investment, the entrepreneur began producing mining equipment based on Bitfury chips for sale to other Bitcoin enthusiasts.

Carlson’s business is apparently going well. Among the factors that have contributed to his success, Carlson not only has a desperate desire to escape poverty, but also the good fortune of having low electricity prices. The state of Washington, where the company is based, offers the country’s cheapest electricity at 8.19 cents per kWh for individuals and 7.22 cents per kWh for businesses.

Genesis Mining

Start: 2014

Location: Iceland

Hashrates: 1000 GH

Another owner of a really big mining farm is Genesis Mining. Initially, their mining capacity was in Bosnia and China, today they are concentrated in Iceland and Canada. The cold climate – combined with cheap electricity prices – makes these countries attractive for reducing cryptocurrencies.

It is believed that Genesis mining farms in Iceland are the largest consumers of electricity. The issues of power consumption and cooling are usually kept secret by major miners, as well as the exact location of their farms. Genesis, like Carlson and others, does not disclose the exact geographic location of their mining operations in accordance with their security policy.

Dalian Mining farm

Start: 2016

Dalian, China

Monthly revenue: 750 BTC

Monthly electricity costs: 1,003,000 euros

Hashrate: 360000 TH

China is known for its numerous graphics card and ASIC miner manufacturing facilities. As a result, miners in China have the advantage of being able to buy equipment at lower prices. The delivery of equipment is cheaper – or even completely free.

China is one of the countries with the lowest electricity prices, along with Venezuela, Taiwan and Ukraine. The most important factor in this matter is the decision of the Chinese government to promote the industrial production of cryptocurrency by lowering the price of electricity consumption for the official owners of such farms.

China has a huge population, which increases competition in the labor market. In the countryside, there have long been industrial cities where workers live without visiting the outside world. The same is true of mining operations, where system administrators are willing to live in dormitories near a farm for a relatively small salary, ensuring uninterrupted production of cryptocurrencies.

All of these factors provide fertile ground for the use of the largest mining operations, such as in Liaoning Province. The small city of Dalian is the center of mining in China and probably the world. It is a three-story mining farm with a specially designed ventilation system. Currently, the Dalian farm accounts for more than three percent of the hash rate of the entire Bitcoin network.

Swiss mining farm

Start: 2016

Location: Linthal, Switzerland

Hashrate: Unknown

Switzerland’s largest mining operation is located in the small town of Linthal in the east of the country. Its owner, Guido Rudolphi, has already operated a mining operation in Zurich, but the operating costs there are too high. After nearly two years of searching, Rudolphi opted for Linthal, which offers the most attractive prices for electricity in the country.

The new farm in a former factory building is considered the largest in Switzerland. Although the subject of cooling processors is still relevant, Rudolphi insists that the potential financial benefits are not crucial to him. The world needs Bitcoin more for political reasons, he believes. The owner of the farm compares the cryptocurrency with the Internet of the 1990s, when many people were very skeptical about this phenomenon.

Russian Mining farms

Monthly Yield: 600 BTC

Hashrates: 38 PH

Russia is also one of the countries where large mining areas are located. The largest of them is said to be near Moscow, although the exact location of the farm is not disclosed. The capacity of the Moscow farm allows the mining of about 600 Bitcoin per month. The currency is generated by 3,000 Antminer S9 ASIC miners and requires about 38 PH per second of power. To cool this amount of equipment, modern ventilation from Iceland is used. Power costs amount to more than $ 120,000 per month, Slavorum.org notes.

images by WSJ, Bitcoin Wiki, QZ.com, SRF.ch, Lazy-flyer.livejournal.com, Shutterstock

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

MinerNews.io is is not responsible for the content of external sites and feeds.