TL;DR: In anticipation of its upcoming October 8-10, 2019 World Digital Mining Summit in Frankfurt, Germany, leading cryptocurrency mining company Bitmain announced it will reveal “the first platform to connect mining hardware owners with mining farm owners via the World Digital Mining Map (WDMM),” according to a company blog post.
Bitmain to Launch First World Digital Mining Map
The cryptocurrency mining business is very competitive, especially as speculative markets appear ever-more fickle. As a result, “owners of mining hardware are regularly on the lookout for locations with the right conditions and power resources for cryptocurrency mining,” Bitmain explained. “The WDMM will be the first global resource to connect them with mining farms who have the available power resources to host them for a fee.”
Conditions vary according to region, of course, and a variety of factors influence where mining should best take place. Colder climes seem ideal, at least on paper, as heat generated by rigs is mitigated, resulting in less expensive infrastructure costs. But what if the local government is hostile to the nascent industry? What if the country’s lawmakers suddenly decide Bitcoin is illegal? What if another town is eager to have new business in its area, and offers incentives?
Politics, access to relatively cheap, reliable energy, and economically feasible business models all play a role in determining the best fit for mining hardware owners and farmers. A map curated by industry leaders could save a lot of time, and also give investors a better overall sense of mining’s health going forward as events on the ground shift.
Matthew Wang, Mining Farm Director at Bitmain, stressed a map of this kind “will help make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way. It is part of our commitment to provide miners with on-going support throughout their hardware’s lifetime and to support the sector’s overall growth.”
Farm owners are encouraged to attend the upcoming conference in Frankfurt to take advantage of a number of resources aimed at improving their business, but also in part because they’ll be able to apply for a WDMM listing. “Applicants will need to provide details on their current mining farm setup and capacity to host other miners. In return, participants will be given personalised services from Bitmain which includes assistance with mining farm design, connections to foreign customers to host, and support with operations, purchasing and construction,” Bitmain noted. And during the conference, the Top 10 Mining Farms around the world will be chosen. Voting and submissions have already begun.
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