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Mining is no longer restricted to individuals and their personal rigs. The rapid growth of Bitcoin mining has forced this transformation. The sheer amount of power and equipment needed has resulted in the creation of Bitcoin mining farms.
A Bitcoin mining farm – or Bitcoin mining factory as they are sometimes called – is a large-scale operation. They contain hundreds of individual specialised mining computers with an enormous amount of processing power.
The ever increasing competition in mining has priced out some smaller individual miners who don’t have the funds or equipment to run large mines. Bitcoin mining farms now hold a monopoly over the market. Mining is no longer just for hobbyists.
From a business perspective, monetary gain is the driving force behind dedicating large amounts of land, hardware and time to the mining process.
Mining farms are multimillion pound operations. Usually in massive warehouses that can use as much electricity as a large town or city. So it’s safe to say there are not too many of them around.
Is there a Bitcoin mining farm near me?
Due to their sheer size and the amount of power needed to run a Bitcoin mining farm, they are often located in places with lower power costs. Or where power is subsidised by the government, such as in China.
Alternatively, farms are built in areas where greener, more renewable (thus cheaper) energies are an option. Like Switzerland which has copious amounts of Hydropower readily available.
What do you need for a Bitcoin mining farm?
Basic requirements for a Bitcoin mining setup include;
Hardware: this is the basic requirement for building a farm which can be split into 4 categories namely;
- GPU (Graphics Processing Unit) – These are designed to solve complex mathematical problems required to display pictures, particularly in video games.
- CPU (Central Processing Unit) – contain hashes required to solve simple mathematical problems
- FPGA (Field Programmable Gate Array) – an integrated circuit designed to be configured after being built.
- ASIC (Application Specific Integrated Circuits) – designed to mine specific cryptocurrency with only low power consumption.
Software: The type of software which needs to be run depends on the equipment (hardware) used. You may use a host computer when using FPGAs and GPUs. The host computer is used to run two things; mining software operation or standard Bitcoin clients.
Electricity: This is a major factor you need to consider when building a mining farm. Not only the cost, but you also need to ensure your supply is reliable to avoid disconnection. Which in turn will reduce your earning power.
Mining pool: This involves a group of miners coming together to join their hardware. They will earn more block rewards together and quicker than a pool member could manage alone. The profit is shared based on the pool owner’s reward. It is a very good approach to building a Bitcoin mining farm.
Secondary equipment: These are other pieces of equipment needed to facilitate the mining process. Such as air conditioners or cooling fans, PCs, wall-sockets etc,
Staff: Of course staff will be needed to run the mining farm on a day to day basis. And due to the high monetary value and equipment costs of Bitcoin mining farms, you will need a well trained, trustworthy team of security staff.
Making use of Bitcoin mining farms is a fantastic way to ensure you can compete in the rapidly growing digital currency marketplace.
Moving forward – the future of Bitcoin mining farms
Mining Bitcoin is now a big money making business. It’s in the hands of professional miners who have invested significant amounts of money in infrastructure. To maintain a powerful position in this market more advanced and specifically designed machines are continuously being developed. This is to increase profitability, in order for companies to get ahead in this very competitive market.
These developments, along with the move towards more renewable energy sources are the steps being taken to make a more worthwhile investment for Bitcoin mining farm owners.
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