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Author Topic: [2017-12-05] Bitcoin mining in North America will be huge!!!  (Read 1216 times)
crypto_fanatic44
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December 05, 2017, 05:56:01 PM
 #1

Vancouver’s Hut 8 Mining Corp has announced plans to create “North America’s largest bitcoin mining datacenters”. The ambitious plan will see the Canadian firm partner with mining specialists Bitfury. It will provide hardware, software and maintenance. Even though they need to raise funds, the deal is expected to be completed in 2018.

Full article on: http://cryptobible.io/bitcoin-mining-north-america-will-huge/
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December 05, 2017, 06:16:55 PM
 #2

Electricity in China is significantly cheaper than the US (in most cases).  This is amplified by the fact that China has less prominent regulations on coal mines and workers' rights.

While the US is better than a lot of other places, I still think that generally the areas with the most miners will continue to be the areas with the cheapest electricity (and areas where it's easy to get electricity for cheaper than the usual rate).

BITMAIN being in China has a huge impact as well, since they'll still have some power over most miners that people choose to buy.

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December 05, 2017, 06:34:08 PM
 #3

Electricity in China is significantly cheaper than the US (in most cases).  This is amplified by the fact that China has less prominent regulations on coal mines and workers' rights.

While the US is better than a lot of other places, I still think that generally the areas with the most miners will continue to be the areas with the cheapest electricity (and areas where it's easy to get electricity for cheaper than the usual rate).

BITMAIN being in China has a huge impact as well, since they'll still have some power over most miners that people choose to buy.

But most mining farm in China uses Hydropower. The thing is that Hydropower is in rural areas where there are fewer industries so the government put the price low for new companies that want to build something there. BTC mining farm doesn't need to be in a central city. So it is great for this kind of things.
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January 22, 2018, 09:16:01 PM
 #4

In their keynote they are talking about 200 MW of GPU mining.  That's like more than 3 Monero networks.  I'd love to know how they are going to buy the equivalent of 1 million Vega GPUs yet alone pay for it.
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January 22, 2018, 10:51:16 PM
 #5

So they are going to defeat the mining king which is China. Too soon for the project to materialize. I was thinking if they also are going to have ICO ro raise funds for the project? I hope they also have cheap electricity and devices like China though, almost all devices are from China so they just have to battle with the electrcity expences.
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January 23, 2018, 07:12:43 AM
 #6

This doesn't like a feasible fit because electricity is cheap in china, the biggest 2/3rd of BTC is mined. Other place where is BTC is mined extensively is European countries where temperature is low. That provides for free cooling of mining labs. Northern US provides neither of those in the first place. Secondly, roughly 6 million are left to be mined anyway. So, better invest in mining of some other alts instead of BTC.
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January 23, 2018, 08:44:54 AM
 #7

Canada’s largest utility, Hydro Quebec, is reviewing its commercial energy strategy after being inundated with demand from global digital currency miners rushing to the province to benefit from political stability and low energy prices.
This is reported by reuters.
https://www.reuters.com/article/us-canada-bitcoin-quebec/canadas-hydro-quebec-unable-to-meet-demand-from-digital-currency-miners-idUSKBN1F82QH
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January 23, 2018, 11:48:39 AM
 #8

How much I have understood this is about mining datacenters in Canada,not US-and the climate in Canada is much more favorable then is USA for mining.Of course the price of electricity and labor costs are far less in China,but this is no more option for anyone doing anything regarding cryptocurrency.

This doesn't like a feasible fit because electricity is cheap in china, the biggest 2/3rd of BTC is mined. Other place where is BTC is mined extensively is European countries where temperature is low. That provides for free cooling of mining labs. Northern US provides neither of those in the first place. Secondly, roughly 6 million are left to be mined anyway. So, better invest in mining of some other alts instead of BTC.

I am not sure about Northern USA climate,but Canada have fairly low temperatures throughout the year : https://en.wikipedia.org/wiki/Temperature_in_Canada

Also there is something less than 6 million BTC to be mined,more precisely 4,178,738 currently,there is still plenty of room for profit-otherwise everyone would listened your advice and leave BTC mining.

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