Growing Interest in Crypto Mining Farms Are Making Personal Mining Efforts Obsolete
Supersites For Crypto Mining May Eliminate The Ability To Perform Personal Mining Functions With ASICs
Bitmain has been thriving in the last year, with $2.5 million in profit plus billions of dollars of USD in investment funding. They have not even posted their initial public offering (IPO) yet, but that funding project is expected to bring in $18 billion. To best use this funding, Bitmain has turned their attention to developing websites called “mining supersites.” These websites allow companies to mine at a much more effective pace than mining farms have. Due to the success of these websites, it is possible that personal mining will be a thing of the past.
Mining for cryptocurrency is slowly becoming history, rather than a present opportunity that miners should invest in. At the beginning, Bitcoin has a low hash rate, which meant that it was fairly cheap for individuals to mine Bitcoin on her own. Once Bitcoin could be mined with GPUs, the use of computers became unnecessary. Next came ASICs, which then replaced GPUs.
There are other cryptocurrencies that still need to mine, but they do not allow users to use ASICs for mining, which is why GPU and CPU mining is still available for them. However, Bitcoin only accepts ASICs to mine. With the mining supersites available, personal mining may no longer be an option, leaving firms to profit from Bitcoin mining exclusively.
In an effort to create more opportunities for this type of mining, Coinmint has elected to purchase a processing plant in New York. With a funding project of $700 million, they will create a mining supersite. Bitmain is doing a similar thing, though their plans are for Texas and the budget is $500 million. As the companies spend the necessary funds for an efficient mining device, the company reduces the amount that they have to spend on the hashrate. Since bigger companies have more access to fund these mining options, they will most likely be the ones that profit the most.
Bitcoin’s prices for the hashrate are risking, so it is a good time for these supersites to be introduced. Even with the drop in price for Bitcoin, there are still lucrative opportunities for consumers to mine, especially through supersites.