Bitcoin Mining Container Statistics 2022-2021
- The global power required for mining devices has grown more than 147 times in the last 24 months.
- The Bitcoin network used 1,700% of the power that Google consumes.
- A power plant such as the one in upstate New York powers atleast 8000 miners.
- Bitcoin wastes enough electricity to add 40 million tons of carbon to the atmosphere a year.
- China’s mining fell from 75.5% to 46% between September 2019 and April 2021
- The Wattum mining container can support 90- 10 feet, 180-20 feet and 360-40 feet ASIC units.
- Texas gets 20% of its power from the wind making it cheaper to set up mining containers.
- Three-fourths of the world’s Bitcoin mining happened in China by September 2019
- A standard mining container has a 1.2-megawatt capacity.
Bitcoin Mining Container Facts 2022-2021
The efficiency of mining machines has increased with the exponential growth of the hash rate of networks in the mining industry in the past two years. The networks are supported by 250-500 cubic MW of power. The power consumption is estimated to double next year, with manufacturers bringing in more hardware. The power used to cool these devices, also known as cooling energy, accounts for 30% to 50% of the power consumption on the mining devices. Another reason for the increase in power is the change of systems from GPU-based mining to ASIC-based mining.
Mining of Bitcoin uses 1,700% of the power that Google uses. This is because mining Bitcoin is a complicated procedure that requires more sophisticated computers and cooling systems. The system has recently been estimated to be using 129 terawatt-hours of electricity which is enormous. Plus, most mining farms are not made in the most efficient ways, hence the need for better designs. The need for better power efficiency comes from subsidizing the cost of energy, plus the power used in mining farms overpowers local grids sometimes.
A power plant such as the one in upstate New York can power up to 8000 miners. Miners require a lot of power to work and may overpower a power plant. However, due to the astronomical increase in power consumption by miners, power plants have reportedly gone up in flames, such as the one in Upstate New York that heated the Seneca. This mainly comes from a lack of better cooling options; hence miners are working day in day out to come up with better ways of cooling their systems and operating over long periods.
Many have raised concerns over bitcoin mining being an environmental disaster adding 40 million tonnes of carbon to the atmosphere in a year. The mining of bitcoin requires alot of energy while its insatiable need for energy creates emissions that could harm the world. This has brought the need for companies to try and create more environmentally friendly and energy-efficient mining devices. The current mining increases with a price increase, attracting even more miners and increasing the energy used in mining. Most of the energy is used in solving mathematical problems that are useless in the long run. The mathematical problems requiring proof of work make the market unexploitable to other groups by making it expensive and complicated.
Bitcoin Miner Container Stats and Trends
Chinese mining fell from 75.5% to 46% in less than 2 years. This is because of restrictions and bans the Chines government placed on Bitcoin mining. This made Kazakhstan the largest mining nation, with America climbing the ranks. In addition, the government authorities ordered banks and payment platforms to stop accepting digital currencies such as bitcoin. This caused the price of Bitcoin to tumble hence discouraging more miners from accessing it. As a result, most mining powers, the miners and their equipment moved out of China.
The standard Wattum container can hold up to 90- 10 feet, 180-20 feet and 360-40 feet ASIC units suitable for mining and energy consumption. The containers are more efficient as they provide better cooling conditions and are more portable. The portability of the containers is a plus as they do not require permits, and the miners can move them to an area with enough power supply that is cheap. The containers can hold 360 antminers S19, Whatsminers M30S and M31S, Avalons 166 and 1246, and Innosilicons. This means all you need to do is plug and play your devices.
Texas has various power alternatives for its consumers. It gets 20% of its power from wind, a very cheap resource. This makes electricity cheap for miners; hence many of them who migrated from China went to Texas. The crackdowns on Crypto made China lose more than 50% of the miners there who moved to more conducive environments. The power grid there is deregulated, and hence the consumers can choose the one most favorable to them. The political leaders in Texas are also pro-crypto and hence a conducive environment for miners to set up shop.
Cambridge Alternative Finance Benchmarks, run by Cambridge University, did research and found out that three-fourths of the world’s Bitcoin mining happened in China. Most of these miners moved to other countries due to the harsh measures the Chines authorities put on mining. The Chines government blamed the process for increased financial scams and ID theft due to its unregulated nature. Most miners chose China due to the low energy prices and the ease of finding equipment and containers used for the mining process.
A standard 40-foot container can hold a power capacity of 1.2 megawatts. This modest power supply enables the containers to be set up in the most remote areas. It also allows the miners to access different markets with little power supply. The containers also use less power due to their improved cooling systems, which enable the fans to use less power in the running. This makes sure that a market can handle many containers with just 10 megawatts of power used to control the devices. The part of the computer that produces the most heat is the chips on the boards. The containers also reduce the number of infrastructures required for mining. They also reduced the number of regulations and permits required to set up the premises.