Cheap Hydroelectric Power in Tibet Attracts Large Bitcoin Mining Farms

Categories: CryptoNews

Cheap Hydroelectric Power in Tibet Attracts Large Bitcoin Mining Farms

Bitcoin mining has always been subject to significant debate. Many people feel it is a waste of electricity, while it keeps this entire financial ecosystem safe from harm. With electricity costs mounting, mining Bitcoin has become very different in recent years. Tibet might be the new place to be, although very few people would ever think along those lines.

Tibet Has A Certain Appeal For Bitcoin Mining

There are quite a few different factors to take into account when attempting to mine Bitcoin

. Not only will users or investors need dedicated hardware to do so, but they will also need to keep operational costs down as much as possible. As it turns out, Tibet is home to some very cheap electricity, thanks to a large amount of hydropower being available.

Over the past few months, several large mining farms have been making the switch from regular electricity to

hydroelectric power. Obtaining this source of energy is not easy by any means, as the average consumer will not have access to it. For those who can access it, it is far cheaper and usually available in abundance.

That seems to be the case in Tibet as well, where one of the world’s largest bitcoin farms is currently hosted. An additional reason for building a mining operation in Kongyu, Tibet, has to do with very cheap wages. Hiring staff to keep an eye on things does not need to be overly expensive by any means.

In fact, Ryan Xu, who has been enthusiastic about Bitcoin for quite some time now, sees a lot of value in Tibet. After moving his mining operations around the world in search of cheap electricity, it looks he has finally found a place where things fire on all cylinders. However, the latest mining operation is still under construction as we speak.

It is evident this location will mostly attract Chinese Bitcoin miners. However, the region welcomes entrepreneurs from all over the world, although too much interest may push up the hydropower pricing. At the same time, additional jobs are created for the local communities, which should not be overlooked.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.