Tesla is not a company that mines, if they did they have solar city under their roof as well, well not technically tied to tesla I suppose but Elon owns that one as well, which means they could have handle energy as cheap as anyone in the world, all solar power, can be built anywhere that gets a lot of sun, like texas or like arizona or any other place that gets sun most of the year, and they could build miners as well because they have smartest minds in the world, if someone can hire people who sends rockets to mars, they can certainly hire people who can build miners as well.
So, basically if they wanted to get into this business, they would have been able to do this much better than anyone in the world, but they are not interested in that, they are doing much more work and a lot more profit with cars and rockets right now and that is why they do not care.
Topic: Bitcoin mining in Texas - new trend - will Tesla follow - page 2. (Read 388 times)
Seems like these companies took some sweet, sweet deal from the power companies that are abundant in Texas, otherwise they wouldn't really be looking at the state to do their mining operations. The climate on the state for the most part of the year is not forgiving to what a mining facility wants, and so you will have issues about ventilation, temps, and would need even more people on maintenance just to ensure that the miners are running on optimal condition at all times. Whatever deal they got from power companies, it's enough for them to consider the state to put their facilities in despite other factors going against mining per se.
Yeah, maybe they got delusional and thought that it gets cold in Texas most of the time. Maybe what they are after is the land to put their operations because I believe that bitcoin mines take a lot of land if you want to build a profitable one. They could have saved if they were to put their mines on a place that is cold most of the time like that one place(I forgot the name) where Facebook has a data warehouse or @dothebeats might be right, the deal from power companies are so attractive that they are going to put up a mine there. 
Considering that Elon is planning to build a city called Starbase in Texas, I think that there is a real possibility that they will follow this trend and he might become the biggest and most green bitcoin mining in the region. I think that Texas is a pretty good location because it is a big state and you can easily choose where you want to go whenever you want and the tax cuts there as I have heard is attractive for companies and rich people alike.
Seems like these companies took some sweet, sweet deal from the power companies that are abundant in Texas, otherwise they wouldn't really be looking at the state to do their mining operations. The climate on the state for the most part of the year is not forgiving to what a mining facility wants, and so you will have issues about ventilation, temps, and would need even more people on maintenance just to ensure that the miners are running on optimal condition at all times. Whatever deal they got from power companies, it's enough for them to consider the state to put their facilities in despite other factors going against mining per se.
Well, the unique thing about Texas is it apparently has its own power grid that is entirely self reliant. But that should have no bearing on Bitcoin mining facilities because their only concern is energy costs.
https://www.thebalancesmb.com/most-expensive-and-cheapest-electricity-by-state-4177753
Texas doesn't even break in the top 10 for cheapest electricity. Could be because of the Texas economy which is booming due to Californians fleeing.
Seems like these companies took some sweet, sweet deal from the power companies that are abundant in Texas, otherwise they wouldn't really be looking at the state to do their mining operations. The climate on the state for the most part of the year is not forgiving to what a mining facility wants, and so you will have issues about ventilation, temps, and would need even more people on maintenance just to ensure that the miners are running on optimal condition at all times. Whatever deal they got from power companies, it's enough for them to consider the state to put their facilities in despite other factors going against mining per se.
Moreover, if all of these three really starts over the time then it will have good impact on the transactions. Like lesser wait time for the transaction and lesser wait time may be?? I mean these things could happen right? Since we will have huge increase in mining power (?)
Even if they plan that all the mining gear comes online right after a difficult retarget for each of them the impact will be minimal, the power capacity is there but there are no sufficient miners to connect.
A 10% increase which would trigger faster blocks could be achieved right now with ~150 000 S19pro but Bitmain can't produce that many, for example, their contract with Marathon states 7000 miners in July and the rest till 70k spread till December, Riot has purchased 15 000 and they will be delivered from May till October. Looking at those numbers and even assuming multiple other partners it would look like even 50 000 asics a month is close to impossible, not even speaking of 75 000 a week.
We have seen an increase of barely 5% from January 11 till now, almost two months, 10% a week is in my opinion close to impossible with the current shortages, so no, there won't be any relief to the mempool coming from this side.
but this news is a very good one as it means maybe by next year, we will see the improvement of fees. and it won't be a surprise if TESLA will follow such move. now, we are not only seeing financial institutions coming into crypto, but even mining farms are being built. who knows, they will beat the mining farms in China? though it is a long shot, but last year's statistics says that about 65% are covered by China as compared to only 7.24% in the US.
Moreover, if all of these three really starts over the time then it will have good impact on the transactions. Like lesser wait time for the transaction and lesser wait time may be?? I mean these things could happen right? Since we will have huge increase in mining power (?)
Even if they plan that all the mining gear comes online right after a difficult retarget for each of them the impact will be minimal, the power capacity is there but there are no sufficient miners to connect.
A 10% increase which would trigger faster blocks could be achieved right now with ~150 000 S19pro but Bitmain can't produce that many, for example, their contract with Marathon states 7000 miners in July and the rest till 70k spread till December, Riot has purchased 15 000 and they will be delivered from May till October. Looking at those numbers and even assuming multiple other partners it would look like even 50 000 asics a month is close to impossible, not even speaking of 75 000 a week.
We have seen an increase of barely 5% from January 11 till now, almost two months, 10% a week is in my opinion close to impossible with the current shortages, so no, there won't be any relief to the mempool coming from this side.
Oh my God, those are huge numbers you talking about. 50 MW to 300 MW, 1 GW that’s huge mining power from the current giants and they are always expanding. The Argo plant in 360 acre is huge thing man. That’s gonna be huge expansion of the mining operation. Moreover, if all of these three really starts over the time then it will have good impact on the transactions. Like lesser wait time for the transaction and lesser wait time may be?? I mean these things could happen right? Since we will have huge increase in mining power (?)
actually, contract between Bitmain and DMG Blockchain for mining operation management is canceled, but facility is still working and construction works for the third line are under way
https://www.rockdalemdd.org/news/small-town-texas-turns-bitcoin-mining-survive
seems that Northern Data AG and Bitmain have their facilities in the same building, within Whinstone land in Rockdale industrial area
https://www.rockdalemdd.org/news/small-town-texas-turns-bitcoin-mining-survive
seems that Northern Data AG and Bitmain have their facilities in the same building, within Whinstone land in Rockdale industrial area
Northern Data AG is Whinstone, they have already constructed their facility in Rockdale, you can see it in the video I linked in, Northern Data never partnered with Bitmain for the construction, they are only buying the miners from them, it was DMG who planned the other farm and that project is dead, Bitmain has already relocated most of the miners from that site to their other farm you can see that everybody stopped reporting since last year about it.
Probably adding to the confusion is that both were going to be constructed in the same town and less than one mile away from another and the fact that often partnership means only supplying the gear.
It seems lots of businesses are moving to Texas, not only mining. That's the beauty of capitalism and the so-called capital flight. If the government creates stupid (not pro-business) policies, they will move.
And yes Tesla will follow:
And yes Tesla will follow:
Quote
"Tesla will now move its HQ and future programs to Texas/Nevada immediately. If we even retain Fremont manufacturing activity at all, it will be dependent on how Tesla is treated in the future."
Source. One correction:
This one was canceled a year ago
https://www.theblockcrypto.com/post/52163/bitmain-cancels-operation-partnership-for-its-texas-mining-farm
1. Bitmain launched mining facility in Rochdale, Texas, current capacity 50MW, with plans to expand to 300MW
This one was canceled a year ago
https://www.theblockcrypto.com/post/52163/bitmain-cancels-operation-partnership-for-its-texas-mining-farm
actually, contract between Bitmain and DMG Blockchain for mining operation management is canceled, but facility is still working and construction works for the third line are under way
https://www.rockdalemdd.org/news/small-town-texas-turns-bitcoin-mining-survive
seems that Northern Data AG and Bitmain have their facilities in the same building, within Whinstone land in Rockdale industrial area
https://www.google.com/maps/place/Whinstone+US,+INC/@30.5737315,-97.0765217,939m/data=!3m1!1e3!4m5!3m4!1s0x8620bb6e60e32833:0x1b0aa9bc508390e0!8m2!3d30.5724811!4d-97.0775909
I am afraid that this is not going to work. Electricity is not that cheap in the United States. It is relatively cheap, but not as cheap as what they have in China and Russia. On top of that, with Joe Biden in power, we can expect closer scrutiny on electricity generation using coal or natural gas. And finally, the mining rigs needs to be imported from China. All these factors mean that Bitcoin mining in the United States can be profitable only if a high exchange rate is sustained on a continued basis.
One correction:
This one was canceled a year ago
https://www.theblockcrypto.com/post/52163/bitmain-cancels-operation-partnership-for-its-texas-mining-farm
For the rest, only Whinstone US (the subsidiary of Northern Data AG )actually has the gear and orders to raise its capacity to those levels.
Ps, they have some at least interesting videos on their FB page from the construction.
Good old dirty and cheap coal (and gas)to the rescue.
Unfortunately, solar panels only provide energy for a few hours during the day, it's one thing to store enough energy to run your tv or a washing machine during the night and a different thing to power up 10000 3KW miners for hours or in some cases even days. Without government subsidies, there is no way to run it and still make a profit, which wouldn't really be fair for others industries.
1. Bitmain launched mining facility in Rochdale, Texas, current capacity 50MW, with plans to expand to 300MW
This one was canceled a year ago
https://www.theblockcrypto.com/post/52163/bitmain-cancels-operation-partnership-for-its-texas-mining-farm
For the rest, only Whinstone US (the subsidiary of Northern Data AG )actually has the gear and orders to raise its capacity to those levels.
Ps, they have some at least interesting videos on their FB page from the construction.
AFAIK,Texas is a leader in the US,when it comes to renewable energy(solar and wind).
Unfortunately,solar and wind energy are still expensive for cryptocurrency mining.
Unfortunately,solar and wind energy are still expensive for cryptocurrency mining.
Good old dirty and cheap coal (and gas)to the rescue.
Would be great if Elon could made some green technology like his solar panel that could somehow helps these miners saving on electricity meanwhile switching over to green energy.
Unfortunately, solar panels only provide energy for a few hours during the day, it's one thing to store enough energy to run your tv or a washing machine during the night and a different thing to power up 10000 3KW miners for hours or in some cases even days. Without government subsidies, there is no way to run it and still make a profit, which wouldn't really be fair for others industries.
The electricity supply system of Texas(I don't know how to call it) crashed a few weeks ago,due to the cold weather and snowing,which was something weird for a state like Texas.
AFAIK,Texas is a leader in the US,when it comes to renewable energy(solar and wind).
Unfortunately,solar and wind energy are still expensive for cryptocurrency mining.
Those Bitcoin miners better build their own power facilities and produce their own electricity.Their investment will pay off,after 25 years or sooner(if the Bitcoin price goes to 100K and above).
AFAIK,Texas is a leader in the US,when it comes to renewable energy(solar and wind).
Unfortunately,solar and wind energy are still expensive for cryptocurrency mining.
Those Bitcoin miners better build their own power facilities and produce their own electricity.Their investment will pay off,after 25 years or sooner(if the Bitcoin price goes to 100K and above).
yeah, there was a crash, and reportedly, Bitcoin miners stopped mining and sold their electric power to the country, since that brought more profit than Bitcoin mining, economy at its finest
nevertheless, one/two days outage would not bring trend reversal, Texas could be new Bitcoin mining Eldorado
The electricity supply system of Texas(I don't know how to call it) crashed a few weeks ago,due to the cold weather and snowing,which was something weird for a state like Texas.
AFAIK,Texas is a leader in the US,when it comes to renewable energy(solar and wind).
Unfortunately,solar and wind energy are still expensive for cryptocurrency mining.
Those Bitcoin miners better build their own power facilities and produce their own electricity.Their investment will pay off,after 25 years or sooner(if the Bitcoin price goes to 100K and above).
AFAIK,Texas is a leader in the US,when it comes to renewable energy(solar and wind).
Unfortunately,solar and wind energy are still expensive for cryptocurrency mining.
Those Bitcoin miners better build their own power facilities and produce their own electricity.Their investment will pay off,after 25 years or sooner(if the Bitcoin price goes to 100K and above).
Elon has a lot of things on his hands and I think that he will be having a hard time juggling all the work for his current companies. I don't know why would he will be choosing Texas though, I don't live in the USA but the only thing that I can think that is the advantage of living or setting up business in Texas is that it is a midway between East Coast and West Coast, the only problem with the current usage of renewable energy source is that they need a huge amount of land to cover to get an efficient harvest of power.
I thought texas was one of the biggest states and one of the cheapest states to buy a lot of land also?
yeah, Texas has natural resources, with plenty of natural gas and wind, and it is a big state and land is cheap there
with Tesla mentioning, I thought that Elon could broaden his Starbase City with a Bitcoin mining facility, he is actually building a city there, so why not?
https://www.businessinsider.com/elon-musk-starbase-city-spacex-texas-launch-site-2021-3
~snip
That would be cool. It'd be nice to see a huge mining farm that was solar powered, but I'm not sure how much sun the various parts of Texas get. It's a huge state.
That would be cool. It'd be nice to see a huge mining farm that was solar powered, but I'm not sure how much sun the various parts of Texas get. It's a huge state.
yeah, and that would also bring weight to USA mining and equalize global hash rate disposition, which is on China side at the moment, hoovering above 50%
seems that Texas natural resources, natural gas and wind energy are drawing companies to invest in mining farms in Texas and Argo blockchain followed suit, with 320 acres of land acquisition
Admittedly, I haven't read those articles, but are those the reasons why Texas seems to be a burgeoning hotbed for bitcoin mining? I wouldn't think that natural gas or wind would be big factors unless some of these farms plan to be wind-powered (which would be pretty damn cool). What Texas does have going for it is fairly cheap land and probably low electricity costs.Anyway, I was surprised to see that many groups using Texas as their base of operations. Last I heard, there was a big one that planned to start mining there but scuttled it for some reason (and I don't remember the details). Go Texas!
Would be great if Elon could made some green technology like his solar panel that could somehow helps these miners saving on electricity meanwhile switching over to green energy.
That would be cool. It'd be nice to see a huge mining farm that was solar powered, but I'm not sure how much sun the various parts of Texas get. It's a huge state. 
Elon has a lot of things on his hands and I think that he will be having a hard time juggling all the work for his current companies. I don't know why would he will be choosing Texas though, I don't live in the USA but the only thing that I can think that is the advantage of living or setting up business in Texas is that it is a midway between East Coast and West Coast, the only problem with the current usage of renewable energy source is that they need a huge amount of land to cover to get an efficient harvest of power.
I thought texas was one of the biggest states and one of the cheapest states to buy a lot of land also?
Bitdeer look to have been in texas a while before now also. I think vitamin are still busy trying to not be affiliated with the ccp or look controlled by them (as they've opened mining facilities in Europe and now the US).
Would be great if Elon could made some green technology like his solar panel that could somehow helps these miners saving on electricity meanwhile switching over to green energy.
But honestly when it comes to mining like this I'd expect tesla to be the last company to invest into such thing, even when they bought btc back then many investors opposes so I doubt they gonna venture to mining like this.
But honestly when it comes to mining like this I'd expect tesla to be the last company to invest into such thing, even when they bought btc back then many investors opposes so I doubt they gonna venture to mining like this.
It'd be much more valuable to snap up the means of production (the power stations).
I don't think Elon can do much more than throw money at projects and researchers and hope they work though...
Are these mines close to the power source? Because that can be helpful for them to reduce their expenses in energy consumption. Tesla following this trend won't be possible as they are mainly a car company, maybe Elon might create another mining start up that are more focused on the bitcoin and other related stuff.
Elon is open for possibilities of venturing on other investment option and might they will grab the option to open up a mining farm since its quite good option for them to open that. Remember they have capabilities since they have resources to make this project happen, but lets expect that they will use electric or other cheap methods so I believe they can lessen their operational cost if they can make their mining farm run by solar or other green energy source.
Would be great if Elon could made some green technology like his solar panel that could somehow helps these miners saving on electricity meanwhile switching over to green energy.
But honestly when it comes to mining like this I'd expect tesla to be the last company to invest into such thing, even when they bought btc back then many investors opposes so I doubt they gonna venture to mining like this.
But honestly when it comes to mining like this I'd expect tesla to be the last company to invest into such thing, even when they bought btc back then many investors opposes so I doubt they gonna venture to mining like this.
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