Following the massive shutdown of crypto farms in China in 2021, finding premium mining farms have become a top concern among today’s miners. According to the Cambridge Centre for Alternative Finance (CCAF), China’s BTC hashrate accounted for 46% of the global total in the second quarter of 2021, while the US contributed 16.8% of the total BTC hashrate during the same period. After China closed crypto farms nationwide, the BTC hashrate provided in the US surged to 35.1% of the global total, making it the new global center of BTC hashrate. Meanwhile, the BTC hashrate in places such as Russia and Kazakhstan also surged.
This indicates that it has become a consensus among Chinese miners that migrating their mining operations to another country is essential. However, when choosing an overseas mining farm in different destinations, the relevant considerations that should be accounted for also differ. Such considerations include: Do the policies of the destination country ban or welcome crypto mining? Do the local electricity resources allow for crypto mining? Will the local environment affect the stability of the power supply? Is mining profitable in light of the local electricity price when the mining rigs are running at full capacity? Moreover, you’ll also have to consider factors such as the hosting fee charged by the farm, the local tax policies, potential tax discounts, etc.
Inadequate investigation of the above-mentioned situations may cause irreparable losses. Rumor once had it that a miner had all his mining machines, which were hosted in a mining farm in a certain country, confiscated by the local authority upon a ban on crypto mining. What’s worse, the poor miner was charged with "harming the local ecological environment" and was heavily fined.
We don’t know the truth of the remarks. But the fact is that miners struggle to find a reliable mining farm while mining farms cannot find stable miner hosting services. The information asymmetry caused by factors such as industry, region, and language has become a hard nut to crack in this process.
In response, ViaBTC Pool set up [Mining Farms] in December 2020 to help miners find resources conveniently. In April this year, it launched [Mining Companies], another gathering place of top resources in the industry, to serve ViaBTC users and partners. The two services will provide resources and valuable information for the majority of miners who look for mining farms overseas.
As a world's top all-inclusive mining pool, ViaBTC has set foot on the global market two years ago and has now grown into a provider of safe and stable one-stop mining services for users in more than 130 countries/regions around the world. Relying on advantages of the international mining pool, it integrates industry resources and selects high-quality resources through a strict screening mechanism to serve miners. Among its efficient and considerate services, the [Mining Farms] details the location of reliable mining farms, local electricity prices (in both the flood season and the dry season), the contact information, size and the minimum number of hosted mining machines (the number of units) of the mining farms.
The [Mining Companies] service integrates premium mining resources. Miners can compare the sales and service information of various mining companies and make well-informed decisions based on their needs.
ViaBTC’s efforts to integrate premium resources and provide miners with efficient mining services also go in line with its commitment to always being market-oriented and user-oriented. Since its establishment in 2016, ViaBTC has adhered to the concept of safety, transparency, fairness, and freedom, and has won a good reputation among miners with years of accumulation and good service.
In the future, ViaBTC will keep focusing on tech innovation and explore the development trend of the blockchain industry. With the most advanced Fintech, ViaBTC aims to build a better future via blockchain, and realize our vision - Via Bitcoin, Making the World a Better Place.