Top Crypto Mining Leader Bitfury Uses ‘Magic’ for Bitcoin Minting Machines to not Melt
Crypto Mining Company Bitfury Is Using Magic Baths To Cool Down Machines
Crypto miners have always been worried about keeping their machines cool but it looks like they are getting really creative this year. Not only some of them moved to some of the coldest places in the world like Siberia, submerged their computers in vats of oil or even have dug up a Soviet-era bunker beneath the Eurasian steppe to bury their rigs.
No, they have gone further than all of this. Now, miners are putting their rigs underneath magic baths. Yeah. Even by industry standards, which we have just explained that is quite unusual, the 40 megawatt plant Bitfury created in Georgia’s capital, Tbilisi, is pretty weird and exotic.
This mining facility submerges the computers in a non-conductive liquid while they mine tokens. The plant was created by Bitfury and sold to a Hong Kong fintech backed by a Chinese shadow banker. Even though the mining race was affected by the plummeting prices of Bitcoin, miners from all around the world are still trying to get the last available Bitcoin while they last. It is a very high-stakes competition that has already made lots of people rich and led to many scams and ICOs.
Bathing Computers To Keep Them Cold
As Bitfury is actually one of the biggest players of the market at the moment, just after Bitmain, the company is looking into aggressive ways to get an edge at the competition like new immersion-cooling techniques. On the plant, a fluid swirls around miners in 160 cooling tanks.
Bitfury’s Chief Executive Officer, Valery Vavilov, has decided that immersion cooling technology is a good way to cut energy consumption and space at the same time that it keeps the machines cool. The company has, this way, created a very profitable mining operation. According to reports, the company was able to cut a third of the space needed for the technology.
Mostly because of the company, Georgia has turned into the second largest mining hub in the world. Crypto miners are mostly drawn by the cheap cost of land and the low electricity costs of the area, which made them a good place for Bitfury to invest. Georgia is also in the top 10 of the World Bank for ease of doing business in the country.
In fact, Bitfury helped to put Georgia on the crypto world map and secured deals for other mining companies. You can consider it to be the “landlord” of this tax-free zone in which the data center is set.
The only place that surpasses Georgia is China, which has mining facilities mostly in remote regions like the Sichuan province, in which miners decided to make deals with the local power stations to get cheap energy.
One of the main advantages of using Georgia is that the taxes are very low. The representative of the company in the country, Remi Urumashvili, has promises “zero taxes” to the company and it has got a deal of something like that, as the company almost pays no taxes. In exchange, the country is getting a lot of visibility in the crypto world.
The “Magic Material”
You might be wondering what is this magic material that the company is using to cool down the mining rigs. As Bitcoin requires complex equations to mine and cooling solutions cost money, it is natural that the companies are trying to get creative.
Bitfury uses a liquid called Novec, which can be used for many things like extinguishing race car fires or extracting water in a desert. Novec was created by 3M Co. and was called a “magic material” because it can be used for many things. This made the company able to cut cooling requirements by 95 percent.
This way, the company was able to create an important investment area in this place of the world and to secure a good cooling mechanism that has cut the costs of mining tenfold.