Negative market sentiment, stratospheric mining hashrates, and tumbling cryptocurrency prices are pushing out less efficient miners who struggle to break even. As such, the facility will provide substantial scalability capabilities by enabling the operation to benefit from low power costs, high-speed internet, and a cool environment, subsequently maximizing profits.
Revenues from the project are expected to exceed $3.5 million after the first 1,300 miners are delivered. According to Wuhan General Group’s CEO, Ramy Kamaneh, the company had to wait for three months while it assessed its strategy amid a bearish market outlook.
According to the company’s analysis, the cryptocurrency market has hit its lowest point, and things can only get better. The company believes that the new facility will add value to the industry as a whole and create new opportunities.
Current Crypto Mining Trends
More crypto mining companies are investing in cheaper, renewable energy sources, advanced cooling technologies, and highly efficient miners. Just recently, DPW Holdings announced the acquisition of the previously decommissioned Valatie Falls hydroelectric dam. The facility, according to the company statement, will be instrumental in scaling mining operations.
Mining device manufacturers are also making considerable efforts towards producing quintessential, disruptive technological innovations, set to bolster both user and company margins through greater power efficiency. The recently announced Antminer S9 Hydro miner by Bitmain is a good example of this. It is reportedly designed to lower mining costs by up to 10 percent by utilizing a water cooling system.
This post originally appeared on: https://coincentral.com/chinese-company-eyes-us-defense-facility/ written by Elizabeth Gail.
If you got something useful from this post, please share it on Facebook and Twitter so your friends can benefit from it too.
Donations and support are always greatly appreciated
BTC Wallet: 1LyutLaQ3sufbFcETue6kYbQHqZvYbvAD9
ETH ERC20 Wallet: 0xca0dd607339edee021fb95e4a63fc21f13f4de2f
LTC Wallet: LaPhoXcybZ3hHNs7jFeBo28uYXpYZe45w8
DASH Wallet: XtHavbmxb6gQixkBKXq2igQ2GhLUjLCh88
DOGE Wallet: DD2PN95XBgUvwRf5jbGV78d6nWEgVwjm4L
TL;DR Disclaimer: We are not financial advisors. We don't know what we're talking about. Do your own research and consult with a professional broker or advisor. Trading is risky. Investing is risky. We may receive small rewards if you follow links on our site. We endorse nothing. You are responsible for you.