Development in Japan's bitcoin mining

[farhaan]

We already know that the japanese internet giant GMO said that it would invest $3 million for bitcoin mining operations.It also added that it would build a mining center in a scandinavian country where the weather would best suit for mining.But now,latest news is that a region in northern japan,kazuno city has been found to have the weather which would best suit for mining operations and also city has abundance of renewable energy.A company named Miner garage is setting up mining operations there.Definitely,it would be a positive development in the mining industry of japan.

[stompix]

I really don't get it.

First the city has no power itself, the deal is with an electric company that provides energy there.
It is called Looop and it specializes in renewable energy.

But, and there is a big BUT

https://news.bitcoin.com/japanese-renewable-energy-provider-low-flat-rate-electricity-crypto-miners/

Looop explained that customers can sign up for a “1kW equivalent contract (10A or 1kVA)” which allows usage of up to 250kWh for a fixed monthly price of 6,170 yen. They can also sign up for multiple contracts. For example, a 3kW contract will allow them to use up to 750kWh. Overages are charged at the rate of 22 yen per 1kWh.

250 kWh at 6170 yen means 55$ and that would still be a gigantic 22 cents per KW.
There is no way you can mine at this prices.

Somebody messed up the numbers really bad.

If this is all they can offer to consumers in a "promo" who is going to pay the subsidies for that mining operation?

[BitcoinHodler]

maybe bitcoin.com made a mistake in their "news reporting"! like these news sites always do and messed the numbers up. or maybe the numbers are what the electric company publicly releases. for example for home users. but nothing is stopping a major electricity user like a mining farm to make a special contract with this company and receive a big discount. that is what Chinese farms have been doing all these years anyways.

[teilwalL05]

I really don't get it.

First the city has no power itself, the deal is with an electric company that provides energy there.
It is called Looop and it specializes in renewable energy.

But, and there is a big BUT

https://news.bitcoin.com/japanese-renewable-energy-provider-low-flat-rate-electricity-crypto-miners/

Looop explained that customers can sign up for a “1kW equivalent contract (10A or 1kVA)” which allows usage of up to 250kWh for a fixed monthly price of 6,170 yen. They can also sign up for multiple contracts. For example, a 3kW contract will allow them to use up to 750kWh. Overages are charged at the rate of 22 yen per 1kWh.

250 kWh at 6170 yen means 55$ and that would still be a gigantic 22 cents per KW.
There is no way you can mine at this prices.

Somebody messed up the numbers really bad.

If this is all they can offer to consumers in a "promo" who is going to pay the subsidies for that mining operation?

Definitely there must be a typo error in the news report but in japan's case I really think japan will sure can figure out a way in providing an electricity that would sure ROI in the use of that miner rigs and they have added that the weather is even great to build a mining site in that part of japan you can sure see that the plan really is established, let's just hope the number is really wrong and it would increase after the said project is finish, Because I really think when it comes to quality and in every given task at hand japan is number one in providing it.

[farhaan]

Here is the link below


https://bitconnect.co/bitcoin-news/806/japanese-bitcoin-mining-just-became-more-attractive/

[Xenrise]

Are these kind of news will help bitcoin to pump its way to the moon? Well if it is, then this is probably a great news for all of us! Japan is really great country with high potential in bitcoin also. Their technologies are so advance that makes it so easy for them to mine bitcoin.

[Pettuh4]

Are these kind of news will help bitcoin to pump its way to the moon? Well if it is, then this is probably a great news for all of us! Japan is really great country with high potential in bitcoin also. Their technologies are so advance that makes it so easy for them to mine bitcoin.

Sure they are counter FUD's and will grow Bitcoin considerably if other world superpower countries follow the footsteps of Japan by developing advance machines for Bitcoin mining so that we decentralize it from the hands of china and others who boast of their stake of possession  in the network