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The way forward for cryptocurrency mining with BIT Mining


This week on the podcast we chat to Youwei Yang, Chief Economist at NewYork-listed BIT Mining [NYSE:BTCM]. BIT Mining is a number one North American technology-driven cryptocurrency mining firm, with a long-term technique to create worth throughout the cryptocurrency trade. Its enterprise covers cryptocurrency mining, mining pool, information heart operation and miner manufacturing.

BIT Mining owns the world’s high blockchain browser and the great mining pool enterprise operated underneath, offering multi-currency mining providers together with BTC, ETH and LTC. BIT Mining additionally owns a 7-nanometer cryptocurrency mining machine producer, the lately acquired Bee Computing, which offers BIT Mining self sufficiency by vertical integration with its provide chain.

Bitcoin mining and certainly the broader cryptocurrency mining sector has its followers and its opponents. One of many key criticisms has been the quantity of vitality this exercise consumes, and on the podcast we focus on this in some depth, together with the fascinating relationship between miners and the area people, which in some methods jogs my memory of the connection between typical miners and native inhabitants.

Cryptocurrency mining was beginning to take off in China earlier than the federal government there determined to crack down on it, once more partly as a consequence of considerations over energy consumption. Youwei talks about what BIT Mining has managed to attain because it moved its centre of gravity to the US, together with the aforementioned Bee Computing acquisition.

Mining cash remains to be thought-about by many traders as a great entry level into crypto markets. By proudly owning shares in miners, they will get entry to future booms in cryptocurrency costs. BIT Mining itself is greater than only a miner although, and Youwei offers some fascinating insights on its different operations, like its mining pool (which we think about an important strategic asset for the corporate) and a portfolio of devoted information centres in Ohio.

Litecoin mining is large enterprise

One of many fascinating new developments at BIT Mining has been launch of their state-of-the-art Litecoin mining machine, the mannequin LD3, which was particularly designed for mining on the DOGE and LTC blockchains.

The facility effectivity of 0.73 W/MH and 4800 MH/s supply make the LD3 machine extra worthwhile than its predecessors by way of environment friendly vitality consumption. Consequently, it’s one of some cutting-edge merchandise accessible that ship a extremely cost-effective efficiency whereas providing the shortest payback interval for LTC/DOGE mining.

The machines are designed for reliability, with the LD3s leaving greater than a ten% efficiency margin for computing energy chips slightly than driving the machine to work underneath excessive situations. This observe not solely successfully prolongs the necessity to service the machine but additionally permits LD3s to work extra constantly, leading to lowered upkeep prices.

Moreover, the design of the LD3 offers extra safety ensures for LTC/Doge miners. The LD3 machine implements software-level safety mechanisms with the newest frequent vulnerabilities and publicity patches. As well as, hardware-level protections for safety are additionally carried out.

The revealing of the LD3 mining gear marks a major development for BIT Mining as this subsequent technology of LTC/DOGE miners will push the trade forward with at present unmatched technical specs. The LD3’s launch can be well-timed with the upcoming LTC halving occasion in August, permitting BIT Mining to make a strategic pivot to different rising blockchain applied sciences.

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