Bitcoin (BTC) has risen ~50% over the past week following a ~60% drop throughout early January and February. The leading cryptocurrency now has a market cap of ~US$150 billion, with over US$3.5 billion traded over the past 24 hours. The mining sector is heating up rapidly all over the world, bringing additional decentralization to an industry that has been concentrated in China for many years.
While being compared to a gold rush, there is an increasing focus on hardware and energy demands. Nvidia stock continues to soar, in part due to GPU mining demand.
Nvidia CEO Jensen Huang admitted crypto was a “real part” of their business in Q4 2017 and that, “crypto is a real thing, it’s not going to go away.” Later this month the Toronto stock exchange will list the Vancouver-based Hut 8 Mining Corp, a company backed by Georgian mining company Bitfury – one of the main competitors of China-based Bitmain. In order to maximize returns, miners are generally concentrated where electricity is cheap.
These geographic locations typically have renewable or alternative energy sources, as is the case in Washington State and Iceland. Washington State has seen a large uptick in mining activity recently due to relatively cheap hydroelectric power and a large quantity undeveloped land.
Mining is slated to become a multimillion-dollar business in Chelan County, where the local power provider, Chelan Public Utility District (PUD), is dealing with a surge of requests to build large-scale mining facilities. The county of 72,400 residents already has 16 cryptocurrency mining operations up and running. Read more from bravenewcoin.com…
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