Resourceful miners found a way a substantial reduction in price bitcoin mining

Mining bitcoins is always fraught with honest costs in terms of money and environment. Representatives of the Northern Bitcoin claimed that they managed to reduce the cost of electricity due to inactive metal mining mine in Norway. The company expects to produce 100 bitcoins a day. Now she is in the process of starting their own mining-pool.

If you need a great and cool place for mining cryptocurrencies, then why not take the empty shaft? Mine Lefdal in Norway, for example, for cooling of the mining-racks uses the icy water of the fjords. In addition, the electricity here generate hydroelectric power, and windmills, and it is much cheaper than buying electricity. Such favourable conditions helped to breathe new life into derelict for ten years mine. Now it is not only the place of dislocation of mining-farm Northern Bitcoins, but a data center to IBM.

According Bitcoinist, bitcoin mining one of the company required only $ 2,700. For comparison, the average cost of mining each bitcoin Norway is $ 7,700. It makes mining unprofitable and brings it into the category of long-term investments. But Northern Bitcoin ahead of even China and Saudi Arabia, where production of each coin translates into $ 3,100. The most expensive to engage in mining in Australia, where costs reach 10 thousand dollars per BTC.

Online and then there are contradictions. Some write that mining is pushing our planet to an inevitable oblivion, the other Bitcoin awarded more significance than gold, or the banking sector. Whatever the opinion, the need to increase energy efficiency is obvious.

Source: Bitcoinist

Mining companies are constantly looking for the cheapest electricity and favorable climatic conditions. Of course, the obvious motive here is profit maximization, but some solutions can also have a positive impact on the environment.

For example, craftsmen from Iceland, taking excess electricity from other industries, and then share with the infrastructure of the excess heat from mining-farms. In Russia, mining is also gaining popularity. Perhaps this is due to the cold climate and relatively cheap electricity in some regions of the country. However, the extraction refers to the still unregulated activities. The prospects of the legal framework in this respect is vague.

What do you think, can the competition in cryptosphere to cause the demand for renewable energy? Share your opinion in cryptodata of hontarov.

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