In 2017, the Prefecture of Sichuan, created 16.3 billion kWh of extra power that went to waste.
For contrast, the average cost paid by customers in the united states is $0.12 per KwH -- 30 times the cost in South West China. So, accordingly inexpensive electricity has drawn Bitcoin miners ....and a lot of them.
Xun Zheng, the CEO of a cryptocurrency mining farm, said that throughout the person miners and larger mining farms that it talked to, there is a entire need of over 1 million distances for mining machines.
High demand for the"Lambo" of mining - the Antminer S9
Adding to the amount of curiosity can also be the relatively inexpensive price of purchasing secondhand bitcoin ASICs.
The AntMiners S9s they use are in the maximum demand. Though they are comparatively older machines and newer, more effective ASICs can be found, in China they're the bunch horses of the mining planet. A secondhand S9 can be purchased for only $150, and therefore you get a machine using a hashrate of 10 trillion hashes per minute (TH/s).
"S9 is currently enjoy the AK-47 in ASICs," Xiong stated . "It currently has the best performance over price ratio on the marketplace."
New highs at hash rate coming soon
Lots of companies are getting in on the inexpensive power bonanza. Xiong said that Bixin was intending to make the most by boosting the magnitude of its mining plantation. Zheng said his company also intends to deploy about 20,000 ASICs to mine to its behalf -- along with hosting other people's farm.
It is very likely the Bitcoin network hash speed increases from its present level of 44 EH/s from the forthcoming months. Predictions are that it might go as large as 70 EH/s in the summertime, which will be well over the community's historic high of 61 EH/s, listed in the summer of 2018.
Obviously, there are always risks in cryptocurrency exploration. Miners are vulnerable to both higher difficulty in hash speed and drops in the purchase price of Bitcoin. From the analysis, it noted that in the event the purchase price of Bitcoin falls under the threshold of $3,000 the summer, miners might be made to pull the plug.
Power costs in EUROPE
While a lot higher than China, power costs in Europe span from $0.09 to $0.40 in some unfortunate cases, but mining is still viable in the long run. If you would like to host your miners in a a facility that offers competitive power costs and full maintenance, check this cryptocurrency miner hosting service.