Ultimate Resource For Bitcoin Mining In California (#GotBitcoin)
California-based mining company Plouton Mining will build North America’s largest solar-powered bitcoin mining farm, the company confirmed in a press release on June 25. Ultimate Resource For Bitcoin Mining In California (#GotBitcoin)
Crypto Mining To Revive Abandoned Town In California
Two investors bought the Cerro Gordo town for $1.4 million, in mid-2018. A CNBC report describes it as a 22-building, 150-year-old ghost town, located approximately 200 miles north of Los Angeles, California. Cerro Gordo lies near Death Valley National Park, edging the Inyo Mountains of the Owen Valley.
Two young entrepreneurs bought the town, as CNBC reported: Jon Bier, owner of the public relations and communications agency Jack Taylor PR. And, Brent Underwood, host and founder of hostel HK Austin in Austin, Texas. Brent is also a partner at the creative advisory and marketing firm Brass Check.
So you bought a ghost town
After a month, Cerro Gordo was purchased by Texas-based entrepreneur Brent Underwood and his business partner Jon Bier. Underwood told The Outline that… https://t.co/Oznw1DS4T4
— DezertMagazine.com (@dezertmagazine) September 9, 2018
The entrepreneurs’ goal is to convert Cerro Gordo into a modern travel destination while preserving the feel of the old mine town. Of course, tourists will be able to make payments in Bitcoin and other cryptocurrencies.
Indeed, Taylor and Brent’s vision includes incorporating Bitcoin and its blockchain technology to make Cerro Gordo a haven for the crypto community, where visitors can trade goods and services.
The entrepreneurs are also planning to set up a crypto mining center in an old mine shaft, which is about 1,100 feet deep.
Moreover, Taylor and Brent plan to introduce innovative water conservation technology and obtain the necessary energy from solar and other renewable sources of energy.
Investors Still See Crypto Mining as Lucrative
Despite Bitcoin price fluctuations and the fact that more than 80% of the coins have already been mined, entrepreneurs still see crypto mining as a lucrative business. In this regard, abandoned and remote areas of the world seem to be the focus of visionary investors.
For example, last year, BitRiver launched a mining farm near Bratsk, Siberia. Now, BitRiver has become Russia’s largest Bitcoin mining facility. In this undertaking, Russian billionaire, Oleg Deripaska, combined crypto mining technology with one of the largest Soviet-era aluminum plants.
Similarly, as Bitcoinist reported, Dmitry Marichinev’s Russian Mining Company (RMC), in an effort to increase Bitcoin mining across Russia, has explored the Nadvoitsky Aluminum Smelter (NAZ) in Karelia.
Converting old aluminum plants into crypto industry hubs is also of interest in the U.S. Last October, Bitmain, the operator of the largest cryptocurrency mining pools of the world, launched a 50MW mining farm in Rockdale, Texas. Bitmain’s purpose is to make this farm the most significant mining facility in the world. According to the press release of October 21, 2019,
Construction of the initial 25MW of the mining farm, on a 33,000-acre site owned by Aluminum Company of America, Alcoa, began in 2018 as part of the company’s ongoing plans to build the world’s largest cryptocurrency mine.
What do you think of converting an old mining town into a crypto mining center? Let us know your thoughts below.
California-Based Mining Company Plouton Mining Will Build North America’s Largest Solar-Powered Bitcoin Mining Farm
Plouton, which is a subsidiary of Plouton Group Holding, says the site in Western Mojave will feature around 49 acres of solar panels generating 10-13 megawatts of electricity daily.
The location was chosen due to its high annual quota of sunlight, which averages 70%, with the company planning to enter agreements with local utilities providers to secure low-cost power for the remaining time.
“The preeminent combination of nature and technology will usher in the next stage of bitcoin mining evolution, fulfilling the promise of Bitcoin as a sustainable, decentralized network of transactions,” Ramak J. Sedigh, the operation’s CEO, commented in the press release.
“We are very pleased to offer people the opportunity to participate in the growing Bitcoin blockchain economy without having to purchase the mining equipment themselves.”
As Cointelegraph reported, the uptick in bitcoin (BTC) price has led to a resurgence in both mining profitability and decentralization as smaller participants gain easier access to the market.
At the same time, the period since last November has seen major upheaval among the industry’s traditional heavyweights such as Bitmain, which have variously enacted staff cuts and closures to stem financial losses.
Canada’s Hut 8, one of the world’s largest publicly-traded cryptocurrency mining companies, in May reported 2018 losses of $140 million.
Long subject to claims it is environmentally damaging, bitcoin mining has meanwhile received better publicity in recent times after a study revealed more than 70% of activity already utilizes renewable energy.
Bitcoin Miner Buys 5,000 ASICs As Network Hash Rate Climbs To New All-Time High
German Bitcoin (BTC) mining company Northern Bitcoin has signed a deal to buy almost 5,000 mining rigs from Bitmain and Canaan Creative, the company confirmed in a press release on July 1.
Northern, which is headquartered in Frankfurt but operates a site in Norway, aims to double its capacity, currently operating with 55 petahashes per second.
The expansion is part of a long-term scaling plan with a focus on sustainable energy which began last week, officials explained, as the Bitcoin mining industry becomes ever more popular and competitive.
“The acquisition of the sought-after hardware is a great success for our company,” Moritz F. Jäger, CTO of Northern, commented in the press release.
“With the doubling of our mining equipment just a few days after the start of our global scaling, we are setting the pace with which we aim to take a leading position in the fast-growing blockchain industry in the coming years.”
The announcement came at the same time as the Bitcoin network’s overall hash rate hit yet another new record. As of Monday, the number had surpassed 69 quintillion hashes per second – as investor Kevin Rooke noted, ten times the number of grains of sand on Earth.
Northern meanwhile added it would seek to open new sites in future at as yet undisclosed locations.
Last week also saw U.S. mining operator Plouton Mining announce a new plant in California, set to become North America’s largest solar-powered installation.
As Cointelegraph reported, current estimates consider around 74% of the world’s Bitcoin mining activity to come from sustainable sources.
China’s Bitcoin Hash Power Fell Before The Crackdown: Cambridge Data
Cambridge research shows that China’s Bitcoin mining power fell by 40% before the crackdown, while the United States’ hash power quadrupled.
China’s crackdown on Bitcoin (BTC) mining due to energy consumption concerns is widely regarded as the trigger for the miners’ exodus from Asia to Western countries. But new research by the Cambridge Centre for Alternative Finance suggests that the shift in mining power started before China’s renewed scrutiny.
Reuters reported that China’s total computing power connected to the Bitcoin network, or hash rate, fell from 75.5% in September 2019 to 46% in April 2021, before the Asian country even officially announced the mining crackdown.
During the same 18-month period, the United States quadrupled its share of the global Bitcoin hash rate from 4% to 16.8% to become the second-largest producer of Bitcoin. Another country often named a potential destination for miners’ relocation, Kazakhstan, increased its share to 8% and became a primary Bitcoin producer.
After experiencing massive power outages in the mining hub of Xinjiang in April, Chinese authorities started investigating the energy consumption involved in Bitcoin mining. Officials announced strict supervision of mining activities due to carbon concerns, triggering the relocation of several industrial miners out of China.
Calling China’s mining ban a temporary inconvenience, iMining CEO Khurram Shroff said that the diversified location of mining facilities is great news for the rest of the world. “The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF,” he exemplified, “[Canada] is already ahead of the curve in terms of mainstreaming cryptocurrencies.”
Some experts see China’s crackdown on Bitcoin mining as an easy decision. Bitmain’s EMEA partner recently told Cointelegraph that the country is required to reduce its carbon footprint to get funding from the International Monetary Fund or the World Bank, and Bitcoin mining was a convenient target to minimize energy consumption.
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