Bitcoin Miners Are Heading to Wenatchee

Wenatchee, Washington is famous for its vast hydropower potential
15 February 2018   293

Locally called the ‘Buckle of the Power Belt’ state’s Columbia River- fueled dams are famous for their hydroelectric power, which produces cheap energy rates. This feature attracts people who are interested in mining coins. More than that Wenatchee is interested miners to be home to Dell, Yahoo and Microsoft data-storage facilities.

In Wenatchee fetch rates as low as $0.02 to $0.03 per kW hour. This is very attractive because typically mining runs 24/7, which requires intense cooling systems to prevent the servers from overheating. It involves consumption of enormous amounts of power.

According to Wenatchee, Wash. Mayor Frank Kuntz, at the moment UPS or FedEx are delivering a whole bunch of bitcoin mining machines. This may require more electricity infrastructure in the region.

At the moment, officials are discussing US infrastructure reform, but without an overhaul of the electrical grid, the demand could overwhelm the power systems, leading to power outages.

Largest mining farm to be built in the UK

The well-known UK tech company Bladetec is building the first large Bitcoin mining farm in Europe
20 March 2018   177

Bladetec had already got an experience in IT support for NATO and the Ministry of Defence of the UK in the past. Today its idea is funded by investors in a limited company which is protected by UK law.

The facility - Third Bladetec Bitcoin Mining Company (TBBMC), situated on the Southeast of the country, is going to cover 3,500 square feet in three different places: in London, Suffolk and Surrey.

Today the company is raising £10 million from investors for building and operating the farm for up 2 years. The farm will become global and significant, also it is supposed to be introduced in the world`s top 25 and produce considerable return for shareholders (as a result of its dominant position).

The minimum investment to TBBMC project set by the company is £ 5,000 from each applicant. The project allows the capital growth up to even 45 % within a period of 2-3 years. The returns for the shareholders at that stage would be based on the Bitcoins sales`proceeds and the ASIC machines. If the price of Bitcoin does drop by 40 %, an investor may lose 22 % of his capital.

The company declared that it is going to mine 1,280 bitcoins within a period of two years. Nowadays it's difficult to predict how much those Bitcoins may be worth in two years. According to current prices, they will be valued at £ 7,8 million. But the situation may probably change before 2021. As for the raised funds, they would mostly be spent on the energy costs, despite the low energy bills' agreement between Bladetec company and the intended wind farm.

Bitcoin mining is more popular in the countries where the weather is cold (such as Iceland and China). The government of Iceland can implement a tax on mining because of the energy consumption. Chinese authorities insists on the ending of the cryptocurrency trading and mining in the country.