Bitcoin Miners Are Investing Again, Expecting a Cheap Power Boom Soon
Bitcoin miners in China are buying used equipment and making deals with mining farms and hydroelectric plants, betting abundant water this summer will make their businesses profitable again.
That’s because during this season a significant amount of excess electricity is expected to be generated by hundreds of hydropower stations, especially in China’s mountainous southwestern provinces of Sichuan and Yunnan. This level of excess power results in competitive electricity costs for bitcoin miners, making it perhaps one of the rare opportunities to earn profits in the current bear market that has already impacted the mining sector.
Hashage, a company based in the city of Chengdu in Sichuan that operates six mining farms with a supply of about 200,000 slots for machines, for example, said the electricity cost in Sichuan during the summer – which may vary from hydropower plants – is usually around 0.25 yuan, or $0.037, per kilowatt hour (kWh) for hosting equipment for miners.
CDK |
https://www.coindesk.com/bitcoin-miners-are-investing-again-expecting-a-cheap-power-boom-soon