Everyone wants to mine cryptocurrencies based on their success in 2021, but it is important to note that not all computers are used or manufactured to mine cryptocurrencies. And because of this there are countries that banned crypto and crypto mining.
Assembly of mining equipment
Do not think that with a computer from the 90s, it adapts and you can obtain bitcoins or any other digital currency; this mining equipment must have a series of minimum technical specifications to carry out this activity that everyone now wants to carry out.
Most of the mining equipment (RIG) are built by separate pieces that manage to create bitcoin mining equipment; this is a result of the acquisition of already assembled and commercialized equipment such as the ASIC, which results in extremely expensive.
Some necessary requirements for assembling this equipment begin with the type of video card where the profitability it can generate in terms of the bitcoin emission per day and, in turn, the electrical consumption that this process entails is evaluated.
This type of information is of the utmost importance for those who carry out the mining process domestically, more so for those who carry out mining in a corporate manner, they require equipment according to their needs, and it is from them that companies Bitmain are strengthened.
Another essential point to mine cryptocurrencies is to have an internet connection with potential stability.
The income that can be profitable for individuals and companies is even more beneficial, which is why more users want to join this type of unregulated economic activity with the passing of days.
Still, it exists globally, leading the most ingenious of technology and cybernetics to think about creating a mining park for the not too distant future.
Financial risk and excessive energy consumption
On April 14, 2021, the price of a single Bitcoin reached an all-time high of about $ 64,870. Just over a month later, the price of the world’s most popular digital currency had fallen to $ 34,259.
One of the main reasons for this sudden drop was news that China had launched a broad campaign to curb the cryptocurrency industry, prompted by concerns about financial risk and excessive energy consumption.
Bitcoin is a decentralized digital currency, which means that every time money is sent or received, the transaction is kept in a public record, rather than in a bank.
But in the absence of a trusted authority to verify every transaction, the onus falls on the participants of the Bitcoin network, known as miners.
What happens in the mining process?
In Bitcoin mining, the process by which transactions are verified and new coins are created consumes a lot of energy, which has led to criticism of the excessive carbon footprint of the coin.
Latin America is even projected as one of the most promising regions for the development of mining pools.
We must know that it is not easy, fast, efficient, or profitable to mine individually. As a fundamental principle in the development of open-source software, it must be done cooperatively and that is where mining pools come from.
The hash rate of bitcoin is a measure that calculates the difficulty to create new cryptocurrencies the highest was in May 2021 after having risen to 172 million terahashes per second.
The increase indicates that digital miners are devoting more computing resources to deciphering the complex algorithms received by newly issued bitcoins.
Given the escalations that Bitcoin companies such as Genesis Digital Assets have experienced, a major American Bitcoin (BTC) mining company is building a new data center in West Texas considered a mining park.
The main objective of the capital received by Genesis Digital will be to expand its operations to other locations.
If the management of this company decides to add more mining hardware to their farms, the first option they choose will probably be Canaan Creative.
In 2021, this powerful technology company placed an order for around 20,000 miners manufactured by Canaan Creative, where in turn the mining firm offered the option to buy 180,000 more units.
These negotiations for the future cryptocurrency MINING PARK of the company Genesis Digital Assets are in talks with the directors, yet without confirming that said order will be processed.
Conclusion
The growth of Bitcoin mining activity is an optimistic sign, although it generates income and profitability for the companies that exploit it, it is not an easy decision to install more than 200,000 pieces of mining equipment without evaluating its global impact.
