Singaporeans Turn to Bitcoin Mining

Many Singaporeans have recently caught up with the Bitcoin craze, causing a rash increase in demand for mining rig and graphics cards in the country.
16 November 2017   543

According to Channel News Asia  one Singapore-based mining rig manufacturer has experienced a sharp increase in sales in recent months as the demand for cryptocurrency mining computers has grew up to more than 100 rigs per month as of November 2017 from about 15 in July.

However, the demand is not limited on rigs alone. In fact, cryptocurrency exchanges such as Coinhako and Quoine have both experienced double-digit growth in the demand for cryptocurrencies since the beginning of this year.

The influx of new investors has consequently helped pull the Bitcoin price as it increases between $6,000 and $7,000 in mid-November 2017 from around $1,000 in January.

With such promising growth, a lot of people have turned to mining to make a passive income and take part in the cryptocurrency market with the growth rates showing no signs of slowing down.

 

Cheap Hydropower in Oregon Attracts Miners

During few months, a few bitcoin miners have been heading to regions in North America
23 February 2018   54

According to the local press, miners are starting operations in the area because of concentrations of cheap electricity.

In the state, there are roughly 12 more mining operations. For instance, in a small town called Dalles located the biggest mining operation in the state called Oregonmines, which is operated by Terrence Thurber. It is an industrial-sized operation with over 2,750 mining rigs in a warehouse with no windows. Robert McCullough of Portland General Electric (PGE) stated that more companies are on the way. He is not impressed by the mining movement in Oregon. In his opinion, Oregon may become the center of crypto-mining in the world.

We may find our burgeoning surplus of energy will make us quite a capital for useless servers solving useless puzzles. It’s not as if we have a huge amount of employment attached. It’s not as if you’re going to have a big staff and a lot of smart people working on it.

Robert McCullough

Portland General Electric consultant 

One of the biggest reasons miners are attracted to Oregon is because of the Columbia River hydropower system. The hydro-powered electricity costs 3 to 4 cents per kilowatt-hour. It is almost the lowest price in the U.S.

According to the Oregonmines founder, the location is also helpful because the facility is close to a major metro, and weather patterns are favorable.