Cryptocurrency & Blockchain Business
David Hamilton

Meet the Top 6 Largest Mining Facilities in the World

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Mining is one of the core principals of the decentralized economy.  Cryptocurrencies such as Bitcoin rely on mining operations to verify transactions and approve their entry onto the blockchain.  Cryptocurrency miners are awarded for completing the proof-of-work algorithm and thereby, adding the next block to the blockchain.  This reward can vary depending on the overall power or Hash Rate of the blockchain being used. 

Cryptocurrency mining is no longer regulated to a few software developers and their personal rigs.  The mining industry has undergone huge growth and transformation over the last year in accordance with the rise in the value of cryptocurrencies.  As the value of cryptocurrencies has seen a sharp increase, so has the amount of processing power put towards mining.  This has led the mining industry to grow extremely competitive.

Today, if you want to become a major player in the field of cryptocurrency mining; you better have some deep pockets as you will be competing against software giants and even governments.  While BTC was designed to usher in the decentralized economy, the mining aspect of this cryptocurrency continues to see escalating centralization due to the creation of more mega-mining facilities.  These facilities are multimillion dollar mining farms that can require as much energy as a city to operate.  Below are 5 of the largest cryptocurrency mining operations in the world. 

Bitmain Ordos, Mongolia

Deep in the countryside of inner-Mongolia lives giants – giant BTC mines that is.  The Bitmain SanShangLiang industrial park mining complex is the largest mining facility in the world.  This gargantuan mining operation consists of 25,000 machines that process $250K worth of BTC daily.

As you may have guessed, running this operation isn’t cheap with the electrical cost exceeding that of a small town at around $39,000 daily.  This unbelievable mining facility is so large that it employs 50 around the clock employees to monitor the rigs and ensure all is going well.  Good luck competing with your Intel I5 against this giant.

Giga Watt – Washington

The Washington state-based Giga Watt mining facility is among the largest in North America.  This super mine exerts a ridicules 30 MW hashrate and incorporates just over 1,700 GPUs.  The mines founder, Dave Carlson is a former Microsoft software engineer who first got into mining in 2010; only one year after Satoshi published his now famous Bitcoin Whitepaper. 

The facility can remain competitive in the Chinese dominated market through the use of inexpensive hydropower that is readily available in Washington State.  Giga Watt is looking to expand their operations in 2018 with goals of dominating the North American mining market for years to come.

Hut 8 Mining Corp / Bitfury – Vancouver, Canada

Hut 8 Mining has teamed up with Bitfury to create one of the largest mining facilities ever built in North America.  This mining operation consists of 22 datacenters that produce 24 MW of hashing power.  Hut 8 is looking to public funding via the Canadian stock exchange to expand this operation to new heights.

This project is still in phase one as phase two is planned to up the power of the mining operation to 38.5 MW of power.  Bitfury is rumored to be tasked with building all of the new facilities required for the expansion of this mega-mine.  Once completed, this mine will be the largest Bitcoin mining operation in North America.

Bitfury Mines, Georgia

Bitfury is one of the leading full-service blockchain technology companies in the world and it should be no surprise that their mining operation is of equal importance to the market.  The Bitfury mining facility in Georgia utilizes the naturally cold climate to reduce operating costs and keep the mining rigs running cool. 

The government of Georgia is more than pleased to have Bitfury mining in their community and they have done everything in their power to help Bitfury expand its operations.  This has been reciprocated by the company, who recently began a property ownership blockchain for the Georgian government.  This type of close cooperation can only help to improve the state of the cryptomarket in the future.

Bcause LLC – Virginia Beach, Virginia

The $65 million Bcause mining facility was just announced in January 2018.  Virginia Beach is not generally considered a crypto hotbed but after the local government slashed taxes for data centers, there was a good reason for mining firms to call this seaside community home. 

Virginia Beach has already awarded Bcause LLC a $500,000 grant to expand their operations further.  This will allow the firm to add an additional hundred employees to the mine.  When fully complete, this facility will cover an amazing 84,000 square feet of space; placing it among the largest in the continent. 

Genesis Mining Enigma – Iceland

The Genesis Mining facility was founded in 2013 when it made headlines as one of the first mining facilities developed exclusively to mine Ethereum.  Today the mining facility also mines additional coins such as Zcash, Dash, and Monero. 

This giant mining facility is powered exclusively by geothermal energy and is considered the largest ETH mining platform in the world.  Company executives have stated that they believe that ETH will see considerable gains in the coming years and at the current moment, they can receive twice the profits one would achieve mining BTC.

Final Thoughts

Due to the secretive nature of miners and extreme value of cryptocurrency mining equipment, it can be difficult to tell if you live near a huge BTC mining operation.  There’s no doubt that as the value of cryptocurrencies continues to rise, we can expect to see more of these monster mining operations unveiled in the near future.  

It will be interesting to see what technological developments shape mining operations in the future as more specific and specially designed mining chips continue to be developed.  This will increase the already stark competition in the sector and make mining cryptocurrencies, even more, cost inhibiting. 

Some Altcoins are developing blockchains that do not permit the use of ASIC miners to help reduce this centralization from occurring in the market but in the end, if there is profit involved, people will always develop a more efficient means of attaining it.

What do you guys think?  Has mining gotten way too competitive?  Let us know in the comments below and be sure to register for our newsletter to stay up-to-date on all the latest and greatest crypto news.

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11 Responses

  1. Avatar
    Nadja88 Reply

    When I first started mining way bak, I decided for Genesis MIning after seeing a video of their mining facylities and it seemd to me like they are transparent about what they do and passionate too.
    Until now it seems to be a great decision to me, since i started earing money soon after I started mining and my contracts are still alive and my paymants are on everyday basis.
    So, good for companies to be open and transparent for their clients, it can be the IT factor to decide for them.

  2. Avatar
    Emilie Reply

    Happy GM investor here, too 🙂 Genesis Mining is definitely going places. It is not the biggest mining company for no reason. I feel like my investment is in good hands, since I am recieving regular payments. We all had rocky start with mining in general, but GM stayed true to their customers and that’s why they gained my trust!

    • Avatar
      Iris55 Reply

      Honestly, I wouldn’t even consider investing anywhere else except Genesis Mining in the future. Now, more than ever, there are sooo many scams and ponzi on the mining market so I wouldn’t risk and invest in some other not proven company.I am actually considering to invest in some cryptocurrencies in the near future and that will definitely be in Genesis. Why change something proven to be right and real thing, right? 🙂 🙂

  3. Avatar
    Nadin Reply

    I also have a contract in Genesis MIning and I am verry happy with it. I have never regreted for starting mining with them. Untill now they have been fair in telling real mining market status. I value that in company that I invest my money at. To be honest, I wouldn’t invest anywhere else since GM is proven to be legit and transparent.

  4. Avatar
    michaela Reply

    I have contract in Genesis MIning and I am verry happy with it. Never have I regreted for strting mining with them. Untill now thy have been fair in telling real mining market status. I value that in company that I invest my money at. To be honest, I wouldn’t invest anywhere else since GM is proven to be legit and transparent.

  5. Avatar
    Miryam Reply

    I’m a Genesis MIning “user” since 2015. I have to say I am very satisfied with the company I chose. When I heard about cloud mining I did my homework and found the most legit and largest company to invest in, that was and still is Genesis Mining! I have two contracts, in bacon and altcoin and both of them are bringing me a good amount of cash! I decided for GM not only because they are largest, I researched them and found out they really mind for their clients, their custom service is online 24/7, they spend and reuse electricity, they take good care of their employees and they offer really good deals!

  6. Avatar
    Feyyaz Reply

    Mining market itself is a gamble, you never know how much will you earn from day to day. I think when you start mining you kind of agree on that, but you just hope for the best outcome. I am mining with Genesis Mining and despite market changes I haven’t had any major problems with my payments or contract. I have recently upgraded my contract and it seems to be a good move. I just hope the whole mining industry will be back on tracks soon.

  7. Avatar
    Julia Reply

    I researched a lot about mining and then finally decided to invest in bitcoin market. It was very risky move, because the market got so competitive. But, I put my trust into Genesis Mining and that was the best finance decision ever! I signed my contract a year ago and I get profit on regular basis. Of course the stock market affects but its normal. Genesis Mining is the company for all of us who don’t have enough knowledge but would like to take part in profitable mining.

    • Avatar
      Elise Reply

      Same here. After exhausting market research, I invested in bitcoin market with Genesis Mining. The smartest move I have ever done. My contract is running and my payments are regular. Genesis Mining is definitely going places. It is not the biggest mining company for no reason. I feel like my investment is in good hands. We all experienced rocky start with mining in general, but GM stayed true to their customers and that’s why they gained my trust! All in all, happy GM investor here! 🙂

      • Avatar
        Erin Lutvich Reply

        I am acctually enjoying mining in Genesis, don’t feel scamed at all. Never have I felt so. I have a few contracts there and they are all bringing me money every day. You definitely need some time to start earing money but it is worth it once you do. My contrascts are up to date now, I upgraded them to Radiant when I was offered and so far it seems to be a gret decision. Still my paymants are on time and I will be definitelly mining in GM in the future.

  8. Avatar
    Aafko32 Reply

    So far, I am more than satisfied about mining in Genesis MIning. I bought a few contracts and they are all running and I get my paymants every day. Geesis turned to be a great investment for me, as I wanted to know that if I invest somewhere that sould be in a real place and not a scam. So I am glad I have chosen Genesis. Will continue to mine there and hope it will only get better in time and my profits will rise.

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