• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin Inside: Crypto Mining Farm to Open in Former Intel Facility
Nexo

Bitcoin Inside: Crypto Mining Farm to Open in Former Intel Facility

Matthew Hrones by Matthew Hrones
4 years ago
in News, Bitcoin, Mining, News teaser
0

California-based 3G Venture II has paid $13 million for a significant portion of an old Intel chip plant in Colorado Springs, which it intends of turn into a new bitcoin mining operation.


Mining Farms Opening Around the World

Miners have been flocking to cities that offer cheap electricity to reduce costs and increase profits, and it looks like Colorado Springs may join the list. At just 7.94 cents per kilowatt-hour, the town’s commercial electricity rates are more than 21% lower than the national average. City leaders have been using these lower prices to entice new businesses into the area – and it appears to be working. Walmart and FedEx both have data centers in the area which require large amounts of electricity to run. Bitcoin mining farms have similar power needs, making Colorado Springs a great place to set up shop.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Much of the town’s economy is based in the high-tech sector, with companies like Verizon and Hewlett-Packard setting up offices. In 2000, Intel opened a 1.4 million square foot semiconductor plant in the area that boasted an extensive electricity network – including its own substation and two separate power feeds – among other features. A several years-long decline in the industry caused Intel to close down the plant in 2009 and there it has remained abandoned – until now.

Mining Farms Opening Around the World

California-based 3G Venture II has purchased a “large portion” of the old Intel plant and – according to city economic development leaders  – plans to convert it into a bitcoin mining operation. With a purchase price of $13 million, the acquisition includes 30 acres of land and more than 700,000 square feet spread across four buildings. Three of the buildings – 85,000 square feet in total – will be used for the actual mining operation. The company intends to lease space in the remaining building – a huge 4-story, 640,000 square foot facility – to industrial tenants.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Cheap energy and size of the facility aside, one of the primary factors that drew the interest of 3G Venture II’s owner, John Chen, was its power infrastructure. The on-site substation and dual separate power feeds are a huge boon for any mining operation. Without it, a similar operation might have to spend hundreds of thousands of dollars more in order to achieve the same setup.

Hashrate Follows Price?

Cryptocurrency mining has really taken off in the past year, with new, with increasingly more efficient hardware hitting the market every few months. Bitcoin is mined using pieces of hardware known as ASICs, or Application Specific Integrated Circuits. These machines can perform mining calculations thousands of times faster than consumer grade hardware, making them an attractive choice for people looking to open large-scale operations. In addition to hardware costs, miners also need to worry about the electrical costs of running that many machines – hence the exodus to locations with cheaper electricity and cooler climates.

Bitcoin’s current bear trend doesn’t seem to discourage miners, however. Since January, the price has fallen well over 60 percent. yet the hash rate – the total computing power of the network – has nearly tripled from 13 EH/s to just around 37 EH/s. The hash rate is a good indicator of the overall security of the network – the higher the hash rate, the more difficult it is for someone to launch an attack.

One would think that a more secure network would be more valuable, but the market doesn’t really seem to care. We’ll see how the price reacts to this consistent hash power increase over the next few months.

What do you think about these large-scale mining operations? Do you think the current bitcoin mining landscape is too centralized? Let us know in the comments below!


Images courtesy of Blockchain.info, Bitcoinist Archives, Shutterstock

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Matthew Hrones

Matthew Hrones

I'm a computer science student with heavy interest in cryptocurrencies and decentralized systems. I've been writing since the June 2017, and hope to become more involved in the community as time goes on

Related Posts

Terra

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

3 mins ago
Texas, a huge boot in front of a store

Bitcoin & Energy Merge In Texas: 3 Giant Companies Announce New Mining Facility

10 hours ago
El salvador

44 Countries Set To Meet El Salvador To Discuss Bitcoin, Here’s What We Know

17 hours ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 day ago
Goldman

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

1 day ago
Avatars

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.