Chinese mining farms, which have suspended work last year due to the collapse of the cryptographic market, are restarting the extraction of digital assets .
Xu Feng, one of the operators of a mining bitcoin farm located in the Chinese province of Sichuan, said that many miners who stopped work last October are preparing to return to their activities.
He noted :
“A large number of equipment for the extraction of bitcoins, turned off during the fall of the market in the province of Sichuan, begins to work again. It is expected that the number of functioning mining devices will increase to 1 million. "
At the end of last year, many miners were forced to suspend bitcoin mining due to lower revenues. Mining BTC actually became unprofitable, a similar situation was observed in other countries.
For example, in Russia they began to massively sell equipment for mining , and the number of announcements about the sale of such devices at the end of the year has increased dramatically.
Now Xu Feng believes that the situation has returned to normal, so miners are returning to the industry.
At his disposal, Xu Feng has six bitcoin farms in Sichuan, some of which are still unfinished. Once they are finished, they can include 100,000 SIC ASIC miners .
However, despite the huge coverage and initial investment of $ 1.5 million, Feng says that you should not expect earnings this year and you should expect halving (decrease in block reward), which will occur only in the summer of 2020.
Sichuan boasts of its abundant and cheap hydroelectric power station, which has an advantage over thermal electricity, since it is much cheaper and during the flood, the cost of electricity here can be as low as 0.08 yuan ($ 0.01), which is 4 times cheaper, than thermal energy.
And although hydropower cannot promise such conditions throughout the year, according to Xu, what you can earn in the rainy season is almost equal to one-year earnings in places outside Sichuan.
Publication date 03/03/2019
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