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Cyber Bitcoin
Edited by qqqpeter at 2019-10-12 21:21

The wet season in China is coming to an end in October. Bitcoin miners in China have started the migration of their mining

Part of the bitcoin miners in China began to move north to Xinjiang and other parts of Inner Mongolia to obtain cheaper thermal power prices, while the other part turned to Yunnan. Some provinces with relatively stable water resources in Guizhou chose stable electricity prices throughout the year. Some of them choose to go abroad to explore the distant road of exotic mining. As the province with the richest water resources in China, the rainy season in Sichuan began in April, but usually stops at the end of October. In the rainy season, domestic miners can get amazing power resources during the wet season of mines as low as 0.2 yuan(0.028216 usd)/kWh. However, when the rainy season ended, many small hydropower mines were unable to continue to provide electricity. When the honeymoon at the end of the wet season ended, the miners faced a surge in electricity prices and a large power outage at the power station, so they had to choose to relocate the mines to other areas.

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China's inland areas are the most abundant sources of thermal power. But since this year, the Xinjiang and Inner Mongolia governments have been cracking down on bitcoin mining, and local officials have “prevented the scale of local bitcoin mining.” At May and August, the Xinjiang and Inner Mongolia governments issued documents one after another respectively. In these places, the Bitcoin mine will operate in the name of a large server data center, and there will be long-term non-compliant operation of power stations and theft of electricity.


According to Cybtc.com, “Some of the thermal power mines in the north have been abandoned due to policy and operational issues.” By the end of this month, at the end of the wet season, millions of Bitcoin mining machines will move in a short time.  Many mining companies operating in the southern provinces of China have moved.

The 1000 bitcoin mining machines I used to have previously been hosted in a large mine.

A miner revealed to Cybtc.com.

This year, the mine where I was told told me that there was not enough space after the end of the flood season – I had to relocate some of them in another mine, which undoubtedly added a lot of machine management and maintenance difficulty.

How much does it cost to establish a 500-machine position bitcoin mine in China? What factors should be considered in addition to the price of the mine?

Let us take a look at the conventional costs of building mines in China. Bitcoin's mine cost includes four elements, including facility costs, capital for mining equipment, maintenance costs, and electricity bills. Many miners who cannot afford the mine only need to pay the rental fee and electricity fee for the mining machine. The average cost of a mining machine seat is “about 500-600 RMB (US$70) in China.” This is the cost of building a Bitcoin mining data center with common building materials.


If the mine operation and maintenance operation employs only two maintenance workers to supervise a 500-seat mine, the maintenance cost is approximately 8,000 yuan (1,100usd) per month. Chinese miners earn the most when they get cheap electricity prices. The mine can also sell spare seats to other miners who cannot afford the mine. The floating average price is about 0.38 yuan to 0.5 yuan (0.0536-0.0705 usd) per kWh. However, if the miners' relocation work is perfected, the efficient bitcoin mines will have much lower electricity bills depending on the season.

Cryptocurrency mines requires choosing a place that is low popluation and unaffected by natural disasters. Even if the flood season in Sichuan makes electricity cheap, miners must be prepared to protect their equipment from natural disasters. Bitcoin mining machines should be kept away from areas with high geological disasters and should be placed above the average flood height. This year, residents and miners in Wenchuan, Sichuan Province, responded to the worst flooding in Sichuan in the past few years, and a large number of bitcoin mining machines were washed away. The cost of purchasing about 500 bit Continental Ant Mining Machine S17 is about 10 million yuan.

In July 2018, the floods in Sichuan Province seriously affected Bitcoin miners

Which machines can maintain long-term profitability under current difficulty and conventional electricity price, why is it better to choose annual electricity than frequent migration?

From the current point of view, bitcoin mining difficulity has been steadily increasing since February 2019. It is expected that the computing power of the entire bitcoin network will increase by 20EH to 30EH by the end of this year, which is equivalent to an increase of 360,000 machines of Whatsminer M21S-56T, and once these machines are shipped, the time coincides with the exit of a large number of hydropower stations in the mining market, the result is likely that many mining machines will not be able to find suitable hosted mines. At the same time, due to the high cost of freight and labor for mining, and the hidden dangers of transportation, it is probably the best choice for miners and long-term mining of stable stable power stations in advance.

As far as Cybtc.com is concerned with the models on the market, the machine power consumption ratio is about 60W/T bitcoin mining machines, such as Whatsminer M21S, Antminer T17 and Avalon A10. These machines are high hash rate, the price is moderate, electricity costs accounted for about 49%. in the halving of the market, in the normal annual electricity price range, able to withstand fluctuations in the price and difficulty of the currency, to maintain a stable long-term operation.

For the upcoming halving market, those miners with long-term planning can get their ideal income in Bitcoin's long-distance running.
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