Huge Russian mining center in Ethiopia

[Asiska02]

What do you think about big companies making huge mining centers? And what about when those companies make it in other countries? How do you think this impact on those house-made mining structures, if does?

Those aspects would have already been look into before giving the approval to such companies to set up a mining center in their country. No country will allow such without benefiting from it. Green house emission can be controlled and the energy emitted from those mining machine can be turned or converted into other renewable sources for consumption such as electricity generation.

I've just read something and this came to my mind. Because as we know, as more miners we have, less the payment we receive.

And have you also thought about it that, as more miners increase, the higher the worth and reward value for their successful mined block.

Do you think it will become a problem in the future and will be impossible to a regular person to start mining?

With the way the mining industry and the set up is becoming more expensive, It would be a problem for any regular person to mine.

[stompix]

That dam is not 100% built yet so it's only going to yield a fraction of the electricity that the article cited.

The dam is completed, and it's already filled for production levels, the flooding of the basin has started in 2020:
https://eros.usgs.gov/earthshots/grand-ethiopian-renaissance-dam-ethiopia

It does have only 700MW out of 5GW installed, but the trick is that the powerplant would have never produced that much, it has a capacity power below 30% so 2 turbines running full time will have the same effect as 6 installed over the year with the current debit being released.

And have you also thought about it that, as more miners increase, the higher the worth and reward value for their successful mined block.

Nope, that's not how economics work!
Otherwise, we would all just buy miners, dive the hashrate to 1 quadrillion exahashes and suddenly the Bitcoin price will be 2 trillion!
No, more miners doesn't mean higher prices!

[WatChe]

MoU's don't mean anything. They basically just say: "We intend to explore the possibility of doing this and that, but it is not legally binding". It's when the contracts arrive and are signed that really matters.

Besides, I doubt Ethiopia government allows a bitcoin mining operation when the whole country is already experiencing rolling power outages.

Also, you can't mine Bitcoin with a conventional DC, as you should already know  

My findings were based on OP question that why Russian company is making a mining centre in Ethiopia not in Russia. According to Forbes it's Ethiopian government project of setting up a data centre led by a Russian company BitCluster. The plan is to to host AI and other new technologies in that proposed Data Centre. Still it's not clear whether that Data Centre is operational or not. Moreover, not much details are available about the internal architecture of that Data Centre that's why it's difficult to predict whether it can support mining or not. May be it's a fake news.

What do you think about big companies making huge mining centers? And what about when those companies make it in other countries? How do you think this impact on those house-made mining structures, if does?

[cryptosize]

My findings were based on OP question that why Russian company is making a mining centre in Ethiopia not in Russia.

They already have at least one huge mining farm in Russia:

https://cointelegraph.com/news/russian-government-subsidies-crypto-mining-facility-in-siberia

Plot twist: BTC will be the BRICs currency, not an actual basket of fiat currencies (like the ECU/SDR).

But they have no reason to announce it yet, because BTC would easily skyrocket to 100k and no one wants that to happen so soon...

Bookmark/screenshot me for future reference.

[NotATether]

The dam is completed, and it's already filled for production levels, the flooding of the basin has started in 2020:
https://eros.usgs.gov/earthshots/grand-ethiopian-renaissance-dam-ethiopia

It does have only 700MW out of 5GW installed, but the trick is that the powerplant would have never produced that much, it has a capacity power below 30% so 2 turbines running full time will have the same effect as 6 installed over the year with the current debit being released.

Eventually, the dam will be completely filled with water, but for now they have to do it slowly to prevent water shortages, according to that report.

Which I can't wait for, I am sick of these thunderstorm-induced outages    I am starting to wonder why we don't use solar power as much. Because now the weather is getting Sahara-like hot these days.

Plot twist: BTC will be the BRICs currency, not an actual basket of fiat currencies (like the ECU/SDR).

The BRICS countries always criticize and ban cryptocurrency. I doubt they will ever make one their primary currency.

[cryptosize]

The dam is completed, and it's already filled for production levels, the flooding of the basin has started in 2020:
https://eros.usgs.gov/earthshots/grand-ethiopian-renaissance-dam-ethiopia

It does have only 700MW out of 5GW installed, but the trick is that the powerplant would have never produced that much, it has a capacity power below 30% so 2 turbines running full time will have the same effect as 6 installed over the year with the current debit being released.

Eventually, the dam will be completely filled with water, but for now they have to do it slowly to prevent water shortages, according to that report.

Which I can't wait for, I am sick of these thunderstorm-induced outages    I am starting to wonder why we don't use solar power as much. Because now the weather is getting Sahara-like hot these days.

Do you live in Ethiopia?

Plot twist: BTC will be the BRICs currency, not an actual basket of fiat currencies (like the ECU/SDR).

The BRICS countries always criticize and ban cryptocurrency. I doubt they will ever make one their primary currency.

Quite the contrary:

https://www.coindesk.com/policy/2024/03/05/brics-will-create-payment-system-based-on-digital-currencies-and-blockchain-report/

[NotATether]

Do you live in Ethiopia?

Yes. We are in the rainy season now.

[Assface16678]

Well, I think those who have house-made mining or only mining on their own property will not be affected by those who have companies just for crypto mining, and even if the authority or government wants to, what law is stating that crypto mining does need certificates or they need to register their mining activities? Maybe there will be a very big establishment that will be used just for crypto mining, as they will use a large space and they can't avoid the authority or government anymore, so yeah, in general, small miners to middle miners are safe from taxation or any other requirements needed or regulated by the government.

In fact, there are many hidden big miners out there that don't publicly announce their establishment, and that's the right thing to do, as crypto mining is not considered illegal, so they have no obligation to comply with the government or a charity.

[merlyn02]

What do you think about big companies making huge mining centers? And what about when those companies make it in other countries? How do you think this impact on those house-made mining structures, if does?

I've just read something and this came to my mind. Because as we know, as more miners we have, less the payment we receive.

Do you think it will become a problem in the future and will be impossible to a regular person to start mining?

https://www.rt.com/africa/589461-russia-crypto-mining-center-ethiopia/amp/

The trend of big companies establishing large-scale mining centers for cryptocurrencies can have both positive aspects such as increased efficiency and infrastructure development, while also raising concerns about centralization, barriers to entry, and environmental impact, especially when these operations extend to other countries.