DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
russian-official-plans-to-rival-bitcoin-mining-mega-farms-of-texas

Russian Official Plans to Rival Bitcoin Mining Mega-Farms of Texas

by Admin
October 29, 2019
in Other
286 6
0
Share on FacebookShare on Twitter

A massive new Bitcoin mining facility looks to be coming to Russia. The vast new data centre is being constructed by Russian Mining Company – a firm owned by the nation’s internet ombudsman.

The planned mining operation looks set to be one of the largest on the planet. The news follows announcements by Bitmain and Layer 1 detailing plans to open vast new facilities in the US state of Texas.

Russian Firm Steps Up with Massive Bitcoin Mining Ambitions

According to a report in a local financial news publication RBC, the Russian Mining Company plans to open its new facility in the province of Karelia. The facility will reportedly command about a fifth of the total current Bitcoin hashrate.

Dmitry Marinichev, the CEO of Russian Mining Company and the nation’s internet ombudsman, told the publication that the company plans to build the new mega mining facility in a disused metal working plant. The new facility will presumably be financed by the funds raised in the Russian Miner Coin ICO held in 2017. The token sale raised more than $43 million, making it the largest ICO held in Russia at the time.

Marinichev stated the following of the metal working plant’s re-purposing:

“Now the plant is unprofitable for [its former owner], the electricity supplied to it is barely utilised, and people living in the single-industry town near the plant have nowhere to work.”

Despite Bitcoin’s price leaving investors guessing the cryptocurrency’s next move in recent weeks, the Bitcoin mining industry is clearly optimistic for the future. Aside from the recently announced Russian facility, there are two other massive mining operations currently in the works in Texas.

Earlier this month the Chinese mining hardware giant Bitmain unveiled a vast new facility in the southern US state. The Bitmain operation currently has a maximum capacity of 50 MW. However, the company is working on its expansion to an enormous 300 MW.

Similarly, the blockchain startup Layer 1 also recently announced plans to bring Bitcoin mining to Texas. The firm has reportedly raised $50 million from a group of private investors that includes Peter Thiel. The Layer 1 plans, as NewsBTC reported at the time, will see the company take care of almost all aspects of Bitcoin mining in-house. This includes running a power substation and developing its own hardware.

Even without these vast new mega mining operations, the Bitcoin network’s hash rate has been rising throughout 2019. Having recently set a new all-time high, the measure of computing power securing the cryptocurrency has since dropped down to 91.2 million TH/s. To put that into perspective, at the time of the previous Bitcoin price all-time high, the network’s combined hashrate was just 14.5 TH/s.

 

BTC hash rate has gradually risen through 2019.

 

Related Reading: Chinese Interest in Bitcoin Remains High Post Crypto Rally According to Data

Featured Image from Shutterstock.

The post Russian Official Plans to Rival Bitcoin Mining Mega-Farms of Texas appeared first on NewsBTC.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version