With a total market value hovering in the $300 billion range following a market correction, the cryptocurrency industry is hot. Investors around the world have been excited about cryptocurrency for awhile now, and now even major banks like Goldman Sachs and JP Morgan Chase are getting involved.
Cryptocurrency Mining Farms
What makes cryptocurrency unique among currencies is its Proof of work, a protocol that uses computing power to verify transactions in a process called mining. In exchange for using their computing power, the miners are rewarded with amounts of the cryptocurrency. Over the past couple of years, miners have realized that doing this at a larger scale gives them more stable earnings and allows them to diversify the currencies they mine. This has resulted in large scale cryptocurrency mining operations called mining farms.
Setup and maintenance typically costs 70% as much per kilowatt as the electricity to power the machines, and the build out typically costs up to 30% as much. That means it’s critical to choose a contractor who knows what they are doing so you can do it right the first time.
Some people assume that building a mining farm is as simple as hiring a general contractor to retrofit a warehouse, buying some GPU miners, and plugging them in. This can result in machines burning from overheating or shutting off because they are not set up properly, and inefficient use of expensive electricity. Building a crypto data centre requires a specialty contractor who knows how much power is needed, is capable of building a sub power station on-site, and has expertise in setting up, managing, and maintaining mining hardware, tasks that seem straightforward but can be very difficult on a large scale.
Container vs. Building
Recently, we have received a lot of questions regarding cryptocurrency mining containers. This is essentially a highly mobile mining farm built inside a shipping container. So are containers a better solution for mining than building a facility?
In order for a mining container to operate efficiently, the perfect amount of space needs to match the perfect amount of electricity. It also must have a transformer that brings the right amount of power to the power distribution unit so the machines do not burn from an overabundance of power.
The design of a mining container also needs to be perfect to ensure temperature can be adequately controlled, with enough air passing through on a hot day and enough heat retained on a cold day — otherwise, the machines inside will underperform or be damaged.
n the long run, building out a mining farm facility is less expensive and more efficient than a mining container, due to scale effects and ability to use a universal design. However, containers are excellent if mobility is required due to temporary availability of power. With a container, it is necessary to consult an expert who has built them before, understands the full scope, and has the connections and/or resources to build it at a viable cost.
Whether a container or dedicated facility is right for you, RekDeck has expertise in building both. If you want to contract our services to design a cryptocurrency mining farm for you, get in touch with our team.
Air Cooled vs. Submerged
When building a mining farm, you will also need to consider whether to use air cooling or submerged cooling. Air cooling works well as a turnkey solution, especially if you are buying ready-to-use equipment from the manufacturer or if you are hosting others equipment. It is usually less expensive to install than submerged cooling, but its inability to fully control temperature results in lower hashrate power for the mining equipment. Because the temperature of air cooled equipment is volatile, they need to be constantly maintained. Otherwise, they could be hashing at an average rate of 50 to 70 percent.
Submerged cooling requires either specialty equipment or modification of existing equipment. It requires staff on-site to manage it, but it maintains a constant temperature, enabling the equipment to consistently function at 100% hashrate power regardless of outside temperature.
RekDeck can build submerged data centres for both ASIC and GPU miners. This solution is highly specialized but our processes enable us to build submerged data centres at a lower cost than air cooling.
The RekDeck Difference
With experience building and operating crypto mining data centres, RekDeck has a strong understanding of the entire process. To build you a lucrative crypto mining facility, we will help you select an appropriate site, facilitate the build out, purchase and set up top-of-the-line mining equipment, and ensure that the proper cooling, electricity, and security measures are in place. If you want your facility to be an ultra low-maintenance investment, we can even provide management and trading services for you.
To give you as much flexibility as possible, the buildout can be priced based on either the size of the facility or on the amount of kilowatts per month required using appropriate square footage. If you do not want to commit to an entire facility, you can sublease a section of our existing crypto data centre in Princeton, NJ and even contract our management and trading services. You won’t even have to worry about the buildout or buying equipment, giving you passive income that you will receive via cheque each month.
Take advantage of the rapidly growing cryptocurrency market and let RekDeck do the work for you. Give us a call at [1-800-CRYPTOCURRENCY] or get in touch via the form below.
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