Global GPU Shortage Leads Miners to Asia

The global shortage of GPUs leads to a hike in the prices and shift of miners to Hong Kong and Singapore for cheaper rigs  
21 February 2018   301

The boom in crypto mining and rise in bitcoin price led to the shortage of GPUs globally. That is why miners headed to Hong Kong and Singapore for cheaper rigs.
Graphics cards are an efficient way to mine cryptocurrencies. As a result, the price of these GPUs is scaling through the ceiling. A good card can make good profits over a year.

According to the retailers, during the crypto market correction, there has been a dip in the demand for cards. But now as the bitcoin prices are rising, it has been speculated that the GPU depends will surpass that of last year.

Retailers are trying to take advantage of this situation, by speculation of the prices. For example, the market players like Amazon will try to profit from the current scenario.
Miners are coming to Asia to purchase mining hardware.

Sim Lim Square in Singapore and Sham Shui Po in Hong Kong are packed with people for these rigs. The primary reason for Hong Kong being a hot place for these purchases is that there is no sales tax here. Moreover, the place is closer to the component manufacturers of China.

It’s 30-50 percent cheaper to buy equipment related to crypto-mining in Hong Kong than in Europe.

One of bitcoin miner

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   192

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.