Mining and mining farms: What is it all about?
It comes as no surprise for anyone who follows the global news that cryptocurrencies and particularly Bitcoin, are the current craze for making money online. The so-called mining is the process of obtaining the cryptocurrency which can be traded later on.
But what is this process all about? In the following article, we will be looking at mining and mining farms and how they are inseparably linked with electricity usage. Furthermore, you will be introduced to and familiarized with the traditional and the environmentally friendly mining.
The mining process, regardless if we talk about Bitcoin or any other cryptocurrency, requires a node — an expensive and powerful computer which is necessary for the resolving of the complicated puzzle tasks. These tasks are on the basis of obtaining the cryptocurrency. Because of the complicated nature of these puzzles, huge amounts of electricity are necessary to satisfy the needs of the processors.
As electricity is often generated by nonrenewable resources (fossil fuels) which include coal, oil and natural gas, it is the largest variable cost in the process of mining. And with that being said, there is an emerging tendency for an increase in the cost of these materials.
This respectively leads to a higher price of electricity itself. In the end, this sequence of graduate increase reaches the customer, as the prices of the ‘farms’ that provide mining services become higher and higher.
Many of the most successful mining farms use various different techniques to optimize their services but seem to forget the importance of the usage of natural resources for the process of mining. And this is something we should reflect on. After all, we all want to live well in a world that is well-preserved.
Solar Hash Hub is the first company on the market to find an innovative and environmentally friendly way of generating more than 90% of the electricity that is being used in the processes of mining.
How does this happen? You might have already guessed by our name.
We use solar panels. It is a well-known fact that solar panels are one of the most common investments for decreasing the price of electricity of properties and we decided to adopt this method for our business. By choosing to invest in solar panels, we reach a 40% drop in the prices of electricity. This does not just make us one of the biggest competitors in the cryptomining world, but also an organization which provides the most cost-efficient service in the market.
By thinking outside of the box, we reduce our costs, our prices and make a positive impact on the environment in a global aspect. Three aims, one goal.
