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Bitmain, one of the biggest players in the crypto mining industry, announced on Thursday its intention to help hook up crypto miners with suitable mining shops across the globe.
You will recall that the cryptocurrency mining firm is yet to regain its glory that the crypto winter of 2018 took from it. As one of the biggest mining chip makers, Bitmain suffered a huge loss last year when the price of Bitcoin(BTC)trade and other digital assets plummeted to their lowest marks in years.
Of course, crypto miners packed up their bags, causing a drastic decline in the demand for mining equipment.
Well, some would like to say that Bitcoin and other virtual currencies have gained some grounds this year. However, the prices flaunted are still very far than what it was in the crypto hay days of 2017. Bitcoin, for example, which gained some height in June and July to about $13,000 is currently selling below $8,000. Another disappointed this year.
With all of these price swings going on in the crypto market, it is a no-brainer for smart companies such as Bitmain to consider channeling its resources to something else. And that is exactly what the crypto giant plans to do.
Crypto miners are constantly scouring the globe for areas that are least expensive to set up their shop. This is the major reason China had the largest amount of mining farms. Unfortunately, that’s not the case anymore as rigid regulatory laws have hunted these private miners and farms to their last.
Find the Cheapest Crypto Mining Destinations
Bitmain plans on helping crypto miners to gain easy access to the least expensive areas around the world. Like the Amazon marketplace, Bitmain’s World Digital Mining Map will allow cryptocurrency mining farm owners to advertise their warehouse setup and capacity, helping crypto miners to comfortably access a good location to set up their shop. This might not only help in buildinb the crypto industry but also (and perhaps primarily) in ensuring mining-chip making companies such as Bitmain stay in business.
Not just Bitmain, crypto miners also have a lot to gain from this development. For starters, crypto miners who have packed up their bags for lack of a low-cost farm to mine can now return to the game. Also, crypto miners who spend heavily on electricity, taxes, rent, etc. can now gain access to cheaper farms. A win-win situation.
Although the platform is expected to come into full swing in early October, Bill Zhu from the marketing and sales division of Bitmain revealed that dozens of mining farms across the globe have already signed up for this groundbreaking project and that hundreds more are expected to come on board.
He also added that “we see this as an added service we provide to support the sales of our miners rather than a new revenue stream. It’s also a part of Bitmain’s commitment to support and contribute to the whole cryptocurrency mining industry.”