Just a few years ago, when you wanted to mine bitcoin all you needed just a computer that connected to the internet, set up the mining program, and left at night to do the work for you. This strategy might not be able to apply anymore since the company is building a giant bitcoin farm consisting of thousands of computers running all day long. In this blog post, we will introduce you to the world's top 5 largest bitcoin mines.
5. BITRIVER (RUSSIA, BRATSK)
In 2018, Russia opened its largest data center called BITRIVER in Bratsk. The location for this bitcoin mine was picked very thoughtfully, as it has 2 key factors, freezing temperature, and low electricity prices. The average temperature throughout the year in Bratsk is only 3oF which definitely helps to cool all the GPU power needed for the process. The size of it just underlines its hash rate of 38 Peta hashes per second, making the hourly consumption of this farm around 4,500KW, costing 120,000 dollars per month. Trespassing into a crypto mining farm might sound like an exciting trip but not here since its 20,000 mining devices are controlled by a team of engineers 24/7 and an armed guard makes regular patrols in the house.
4. Genesis Mining (Iceland and Canada)
Genesis mining technologies is one of the companies that know how to optimize production costs by moving their farm from Bosnia and China to the world's coldest places, Iceland and Canada. Iceland offers low electricity prices, which the company takes full advantage of when they use more electricity than all of their home combined. Genesis Mining also experiments in many ways to lower large-scale electricity consumption using many renewable resources as possible. The largest mining building globally known as Enigma is located in a deserted location near Keflavik Airport, so it won't interrupt anyone's sleep.
3. Bitfury (Amsterdam, Netherlands)
Bitfury isn't just one of the biggest Bitcoin mining farms, but also the oldest one, with its history dating back to 2011 when for 10,000 bitcoins, you could get 2 fresh pizzas. The company uses several software for bitcoin mining, so it's impossible to calculate its hash rate, however, it's undeniable that it's one of the largest farms in the world. All the company's big operations are controlled from Amsterdam's headquarters. Bitfury, unlike others, this one isn't located in one specific country but has huge facilities in the centers of Tokyo, London, Dubai, and Moscow. In 2020, Bitfury was one of many companies that donated some of its GPU-based computing power for coronavirus research.
2. MegaBigPower & Giga Watt
One of the most powerful and successful bitcoin mining companies in the US, MegaBigPower, is owned by the same owner of Giga Watt, Dave Carlson, the most famous bitcoin owner. MegaBigPower was a success that was particularly strong in the great boom of bitcoin in 2014. Giga Watt is launched in 2017 after successfully building MegaBigPower and becoming one of the biggest bitcoin mining companies on this planet. The plan of this company was typical, as its goal was to simplify access to bitcoins by enabling investors to buy a stake in the company's services. Giga Watt has raised over 1,000,000 dollars from undisclosed investors to build the facilities and offered bitcoins that raised about 22 million dollars in its opening year. This super mine exerted a ridiculous 30 mega-watt hash rate and incorporated just over 1700 GPUs. It has become not only one of the most powerful companies in North America but also worldwide.
Unsurprisingly, China leads the world's bitcoin mining and production of video cards for cryptocurrency mining. About 70% of all the mining activity is done here, and 3% of that is mined in one of China's small cities. A mining farm in Dalian, named by its location, is the most profitable farm globally. This city is a special place in the Bitcoin mining industry because of its environment, air quality, and conditions are relatively better than in other Chinese cities. Farm owners in China have one big advantage over the rest of the world because the Chinese government not only allows mining but also encourages it by reducing electricity charges for energy-hungry farms, and delivery of equipment is cheap or even absolutely free. The computing power is 360,000 Tera hashes.