Connect with us

Blockchain

5 Biggest Bitcoin Mining Farms You Should Know About

Ever since Bitcoin was introduced back in 2009, this very first cryptocurrency quickly gained a lot of popularity. Not only is it the most valuable crypto, but it was also the first cryptocurrency that you could mine.  So what does mining mean? Simply put, you use your own hardware to help the blockchain technology, on […]

The post 5 Biggest Bitcoin Mining Farms You Should Know About appeared first on PrimaFelicitas.

Republished by Plato

Published

on

Ever since Bitcoin was introduced back in 2009, this very first cryptocurrency quickly gained a lot of popularity. Not only is it the most valuable crypto, but it was also the first cryptocurrency that you could mine. 

So what does mining mean? Simply put, you use your own hardware to help the blockchain technology, on which Bitcoin was based, to record and verify transactions by solving complex mathematical problems. 

As a reward for your contribution, you’d get Bitcoins. That said, back then, mining was pretty much seamless. The problems weren’t nearly as complex as they are today, and there weren’t as many people mining Bitcoins as there are today. In other words, it was a lucrative endeavor. 

Some people saw an opportunity and decided to capitalize on it, thus the mining farms were created. As you might guess, mining farms are basically hardware data centers dedicated solely to mining Bitcoins. With that in mind, here are a few of the biggest mining farms you should know about.

Russia

Presumably located somewhere near Moscow, one of the biggest mining farms in the world is in Russia. It’s estimated that around 600 Bitcoins are mined there on a monthly basis, which puts Russia in the place of the most powerful countries in the mining industry that’s worth several billion dollars today. 

Even after yet another Bitcoin halving, the amount of Bitcoins mined here is still worth a fortune. The hardware utilized on this farm has a hash rate of around 38 PH, which enables around 20 Bitcoins to be mined per day. 

However, such a reward comes at a high price. As a matter of fact, the hourly power consumption of this farm is around 4,500KW (Kilowatts). This power draw costs 6.5 million Rubles ($103,424) per month.

China

China became the leader in mining Bitcoins. When it comes to efficient cryptocurrency mining, you need reliable hardware and that’s quite affordable in China. Moreover, rural parts of the country have cheap electricity with seamless delivery, which made the town of Dalian the hub of Bitcoin mining in China. 

This mining farm mines around 750 Bitcoins per month. The hardware they utilize has a capacity of 360,000 TH, which makes up 3% of the entire Bitcoin network. However, the electricity cost for this farm is $1,170,000 per month.

Although mining is still legal in China, financial institutions have been banned from handling Bitcoin transactions. Moreover, a lot of platforms that facilitate such transactions have also been shut down. It’s also estimated that the Chinese government would crack down on mining operations, slowly but surely, closing them down one by one. 

Iceland

Located in both Iceland and Canada, one of the largest mining farms under the name “Genesis Mining” choose a specifically cold climate so that they can dissipate the heat generated by mining. 

This farm’s hash rate is estimated to be around 1000 GH, thus generating a lot of power draw in this Nordic country. This has earned Genesis Mining the title of the largest electricity consumer in the entire country of Iceland.

Apart from China, these two countries are also favorable for mining operations as their electricity costs are quite affordable. This is probably the main reason why the founders of this mining farm have chosen to relocate here.

USA

Dave Carlson, the founder of the “Giga Watt” mining farm, managed to turn his mining operation into a multi-million-dollar business in just twelve months. The owner of the largest mining farm in the US has begun his journey by mining with his own GPU. 

Although the location of the farm is unknown due to the prosecution from the government authorities, this farm has a hash rate of 1.3 PH. However, according to Carlson, the monthly expenses of his company exceed $1 million. 

Carlson chose Washington state for his mining operation due to the fact that it has the cheapest electricity in all of North America. The electricity costs in this country are $8.42 per kWh for businesses.

Switzerland

Located in the small farming village of Linthal, this mining farm is the largest in Switzerland. The owner of this farm, Guido Rudolphi has previously owned a similar mining operation in Zurich, but he discovered that the expenses were quite high to his liking. 

After two years of searching, the owner finally found a farming village with favorable electricity price to house his mining operations. The only issue for him is the problem of cooling. Although this farm’s capacity is unknown, the owner claims he’s not in it for the money.

Mining farms are illegal in most countries and anyone behind such operations faces criminal charges. However, that doesn’t stop people from doing it anyway. The profit earned from mining Bitcoins can easily outweigh the risks. 

The post 5 Biggest Bitcoin Mining Farms You Should Know About appeared first on PrimaFelicitas.

Source: https://www.primafelicitas.com/5-biggest-bitcoin-mining-farms-you-should-know-about/?utm_source=rss&utm_medium=rss&utm_campaign=5-biggest-bitcoin-mining-farms-you-should-know-about

Blockchain

Bitcoin: Should retail traders expect a price hike?

Republished by Plato

Published

on

Bitcoin’s large wallet inflows signal a bullish trend reversal in the following week. The price is currently around the $60000 level, however, with the increasing trade volume across spot exchanges, an increase of nearly 15% in less than 24 hours, there may be a bullish trend emerging in the asset’s price.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin Large Wallet Inflows || Source: Twitter

Based on the above chart, Bitcoin is in price discovery mode above $60045. There is strong support at the $57000 level and this is also a psychologically important level for Bitcoin. The current bullish price trend is further supported by the demand across exchanges. Buying bitcoin and selling June futures currently offers a 30% annualized USD denominated “risk free” return. A 3-month US Treasury bill yields 0.02%, which is 1500x less.

When Bitcoin’s price ended March with a 30% increase, it marked the sixth consecutive month of double-digit positive returns for traders. Historically the second quarter is considered a positive yielding quarter for Bitcoin. Bitcoin returns over 250% in the second quarter, based on the price chart. The current price is following this trend and the recovery from the drop below $60000, which was partly attributed to HODLers and partly to large wallet inflows is signaling a bullish trend. There is a spike in funding rates as the price nears the ATH. This is another sign of the bullish price action in Bitcoin.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin’s perpetual swap funding rates || Source: Skew

Based on the above chart, the increase in perpetual swap funding has corresponded with previous ATH as well. The current spike in perpetual swap funding can be considered to be an indicator of the next ATH and the bullish price trend. Traders can expect price discovery beyond the new ATH if the momentum and volatility increase consistently over the week.

Another metric that signals this trend is Bitcoin’s miner revenue. It just reached an ATH of $6.1 Million. The previous ATH was hit less than 10 days ago, on April 1, 2021. For retail traders, looking forward to long Bitcoin it is becoming cheaper to hedge the risk. The cost of hedging against a price drop using options is dropping. A large basis spread has opened up between CME Bitcoin Futures and the offshore market. This means compared to traders on other platforms, traders on CME don’t see much upside in Bitcoin, going forward. These traders are institutions, however, retail traders are relatively more bullish on Bitcoin.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-should-retail-traders-expect-a-price-hike

Continue Reading

Blockchain

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Republished by Plato

Published

on

Cardano saw a trend of falling trade volume that showed a market possibly in a phase of distribution. However, in this bull market, another leg upward can not be discounted. Bitcoin SV formed a bearish divergence and Compound saw demand rise at the $440 area.

Source: CoinStats

At the time of writing Bitcoin was trading at $59,656 with a marginal drop of over 1.5 percent in the past day’s time.

Cardano [ADA]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: ADA/USDT on TradingView

Cardano showed a lack of movement in price on the charts over the past few weeks. The range from $1 to $1.47 has its 50% mark at $1.21, and that is a strong level of resistance for the price. ADA has bounced between the $1.17 and $1.21 levels, and buyers and sellers are in equilibrium, according to the OBV.

There is an upper and lower boundary on the OBV that needs to be broken to confirm a move above $1.34, or below $1, in the weeks to come. However, this will take time to develop, and the $1.2-$1.3 area is likely to be a supply till the OBV starts ticking higher to show increased demand.

Bitcoin SV [BSV]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: BSV/USDT on TradingView

Bitcoin SV showed a bearish divergence between price and momentum. This was not an immediate sell signal, but it showed an overextended move and a pullback to the $260 area can be seen. The Stochastic RSI was also in the overbought area.

While individually neither indicator can be taken to show a sell signal, taken together and with the fact that trading volume is trending lower even as price reaches higher, the conclusion can only be that BSV is due for a pullback.

Compound [COMP]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: COMP/USDT on TradingView

COMP formed a descending triangle pattern in the past month and broke out strongly to climb to the peak of the pattern at $520. COMP was able to touch $550 before selling pressure forced it to trade at $451 at the time of writing.

In the past few days, COMP has formed equal lows at $443 even as the Awesome Oscillator began to move back toward the zero line. This showed that bearish momentum was slowing down. The Chaikin Money Flow also climbed back above the +0.05 mark to indicate capital flow into the market was on the rise, a sign of demand for COMP.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-bitcoin-sv-compound-price-analysis-11-april

Continue Reading

Blockchain

Where are these altcoins headed ETH, DOT, ADA, UNI?

Republished by Plato

Published

on

Based on price action in March and the first 10 days of April, a trend has emerged on the price charts of ETH, DOT, ADA, UNI. Among others, these altcoins have witnessed a fair share of price rallies and consolidation over the past month. In the case of ETH, after outperforming Bitcoin consistently throughout March, by +36%, ETH’s price failed to cross the psychologically important price level of $2000.

After Feb 2021, the price crossed $2000 in April, and this was critical to ETH’s price rally. Leading alts to a bullish week, ETH hit a new ATH of $2197 earlier on April 10, 2021, with over 12% dominance. The rally is clearly in price discovery mode and sentiment continues to remain bullish. The relationship between ETH’s volume and volatility and its impact on price becomes clear from the following chart.

Where are these altcoins headed ETH, DOT,ADA, UNI

ETH volatility vs trade volume || Source: Kraken Report

Based on the above chart, the volatility has a direct correlation with the trade volume and the price of ETH. The volatility is currently at the 2020 average level, and the trade volume is above that level. In the case of DOT, the first week of April was bullish when compared to March, and the prices remained largely below the $45 level in March.

With the launch of Parachain auctions and crowd loans, DOT’s price climbed to the $45 level. For DOT, the 1-month return was nearly 10%, 3-month at 300%, and the annualized trade volume has hit 95%. DOT’s current price level and the trade volume signal that DOT may remain largely rangebound for the following weeks.

ADA’s price rally could not be sustained, the correction in March 2021 led to a price drop of over 10%. ADA’s volatility and trade volume share a similar relationship with Ethereum, and it has an impact on the asset’s price in the short and long term. After over three rounds of alt rallies in the current market cycle, ADA may have slowed down, to consolidate before the price climbs higher.

Where are these altcoins headed ETH, DOT,ADA, UNI

ADA Volatility vs Trade Volume || Source: Kraken Report

UNI with a market capitalization above $14 billion ranks in the top crypto assets, Uniswap V3, and the upcoming mainnet launch were key events that had an impact on UNI’s price. UNI ranks as the fourth largest DeFi app with a high TVL. UNI is likely to rally now, with steadily increasing trade volume. Among top DeFi tokens that made a comeback after ETH’s price crossed $2000 earlier this month, UNI made an impact by hitting $32, which is close to its ATH of $36 from March 2021, based on data from CoinMarketCap. The current on-chain metrics and UNI’s trade volume signals a bearish trend in the asset’s price.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/where-are-these-altcoins-headed-eth-dotada-uni

Continue Reading
Blockchain4 days ago

Decentralized oracle solution Umbrella Network adds Huobi as validator node

Blockchain3 days ago

XRP Price Analysis: 08 April

Blockchain3 days ago

$48B Asset Manager Millennium Management Dabbles With Bitcoin

Blockchain3 days ago

Binance Smart Chain Daily Transactions 200% More Than Ethereum’s

Blockchain3 days ago

America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Blockchain3 days ago

Digital yuan campaign planned for contested island in the South China Sea

Blockchain3 days ago

Polkadot Price Analysis: 08 April

Blockchain3 days ago

Tesla’s landlord accepts crypto; will Elon Musk pay rent in Bitcoin?

Blockchain3 days ago

Bitcoin exchanges just saw massive Tether stablecoin deposits

Blockchain4 days ago

Why JP Morgan’s CEO calls Bitcoin regulation a “serious issue”

Blockchain3 days ago

Bitcoin Miners Hit Jackpot as Hash Rate Peaks Again

Blockchain3 days ago

Phemex Launches OTC Trading, Enables Crypto Purchase with Bank Transfers

Blockchain4 days ago

Miners are hoarding Bitcoin from record daily earnings

Blockchain3 days ago

Man Gets 12 Years in Prison After Trying to Buy Lethal Chemical Weapon With Bitcoin

Blockchain4 days ago

Revolutionizing the crypto-market in India with CryptoBiz exchange

Blockchain4 days ago

Crypto sentiment falls even as Bloomberg tips Bitcoin will hit $400K

Blockchain3 days ago

Cardano’s Anti-Counterfeit Solution Sees First Successful Implemetation

Blockchain4 days ago

Tendermint acquires B-Harvest, creator of Cosmos-based Gravity DEX

Blockchain4 days ago

Ontology’s cross chain DeFi lending platform Wing is now live on Ethereum

Blockchain3 days ago

Ether price takes on Bitcoin — What’s behind the sharp rise in demand?

Trending