Bitmain to Deploy 200k Miners

Company is going to depoy it in Chinese provinces with cheap electricity tariffs, especially in summer
22 March 2019   298

In anticipation of the summer decline in the cost of electricity, the largest manufacturer of mining equipment Bitmain intends to increase production capacity in the southeastern provinces of China. It is reported by CoinDesk, citing sources familiar with the situation.

Bitmain plans to place 200 000 mining devices in regions with excessive hydropower resources, where in summer there is a seasonal reduction in tariffs. For this, the Chinese giant is negotiating with mining farms from Yunnan and Sichuan provinces to place their equipment with them.

Mainly new models of miners - Antminer S11 and S15. An insignificant part of the production capacity will be generated by older devices - AntMiner S9i / j. It is not yet known exactly which cryptocurrencies based on the SHA-256 algorithm will be used to power these devices.

According to local mining operators, in the summer the cost of a kilowatt of electricity in the southeastern provinces is $ 0.037. Thus, the daily profits of the S9j, S11 and S15 devices should be $ 1.29, $ 2.24 and $ 3.38, respectively. Even if all 200 000 miners are the old and not the most efficient S9j model, the total profit per month will be about $ 7.7 million.

Based on the prices of mining devices on the Bitmain site, the total cost of the equipment planned for placement will be $ 80-100 million.

Mining Ban in China Won't Affect Bitmain & Canaan

This is said by the companies themself; also, Bitmain and Canaan did not indicate whether they intend to move the business abroad
11 April 2019   201

The prospect of a ban on mining in China will not have an impact on the operating activities of mining giants Bitmain and Canaan in the short term. This was stated by representatives of the press services of companies, 8btc reports.

At the same time, Bitmain and Canaan did not indicate whether they intend to move the business abroad, if the mining ban is set at the legislative level.

Note that China currently holds a dominant position in mining Bitcoin and Ethereum.

According to local cryptoexperts, mining equipment manufacturers will exist as long as Bitcoin has value.

Earlier in April, the National Development and Reform Commission of China issued a bill that called mining an “undesirable industry” and proposed banning it.

So far, the initiative has no legal force. Public discussion of the bill will last until May 7.