I assume that most of the users of this platform understand what crypto currencies are and what mining these currencies is. We may also know that most of the cost comes from the hardware maintenance which usually involves cooling and electricity. Efficient mining would therefore seek to reduce the electricity and cooling costs. While I believe cooling is not really a very bit deal, the electricity aspect has to be dealt with. I wish to start a full scale mining operation in Africa. Here are the reasons;
- Certain countries in Africa have some of the worlds lowest electricity costs.
- As concerns Bitcoins, there are very few active miners in Africa
- Because of the general mismanagement of the economy by most African governments, I believe that as Africans begin to figure out what crypto currencies are, it will create huge demand and this will contribute positively towards the whole digital currency movement.
Overall, I think this idea is something that has the potential for huge returns to those that may be interested in exploring this idea. As concerns cooling, I saw an interesting article on Coindesk about a startup company that has partnered with Visa Europe for the purpose of testing technology such as smart lights which pay for their own electricity. Imagine smart coolers or fans which also pay for their own electricity!