Trends can tell us a lot about where an industry comes from and where it’s going. When Bitcoin first launched in 2009, individuals were mining Bitcoin from their laptops. Personally, I used to mine bitcoin from some of her mining rigs set up in my dorm room. I didn’t know you had to consider things like large energy consumption, hardware suppliers, and maximizing operational efficiency in large data centers. However, as Bitcoin mining grew and scaled, trial and error created opportunities to learn and create new innovations that would help the industry grow.
2022 has been a challenging year for Bitcoin and the cryptocurrency industry in general, but the mining industry continues to grow. The following trends show how the Bitcoin mining industry is building on the knowledge and experience of the past and preparing for the future at scale.
Trend 1: Renewable Power
The biggest topic about Bitcoin mining today is the use of energy. Mining rigs power and large-scale mining operations have thousands of miners running at once.much has been written about how Many energy miners utilize—up to 110 terawatt hours per year, the equivalent energy production of a small country.However, an important topic of discussion is what Kindness The source of energy for is the mining operation you are using.
One of the main trends we see in Bitcoin mining today is the shift to more renewable energy sources rather than carbon-based electricity. The idea that dirty resources like coal are cheap is not true. Hydro 90%, Wind 75%, Solar 40% Still cheaper than the cheapest fossil fuel options. It is no surprise that these power sources will take over the mining market. Increasing the use of renewable energy is beneficial in the long term for both industry and plant. So even if it is very profitable in the short term, miners should actively consider power sources.
The good news is that bitcoin mining operations are already turning to more renewable resources. Bitcoin Mining Council Estimate Globally, Bitcoin mining has a sustainable electricity mix of 58.4%, up 59% from 2021. They say this percentage makes it “one of the most sustainable industries in the world.”
Of course, there is still work to be done to ensure Bitcoin mining has a sustainable future, but the data shows it is already on the right track.
Trend 2: Immersion Cooling
Imagine a room with thousands of miners all running at their best. Mining operations always need a way to keep data centers cool, and the use of immersion cooling for that is an emerging trend.
Immersion cooling involves placing miners in a bath of oily liquid that circulates through a cooling tower to expel heat. This method ensures that valuable mining equipment never comes into contact with the outside air. This is because dust and moisture can degrade hardware.
Given the extremely high prices of miners these days, it is more cost effective to overclock limited mining hardware to the max and squeeze capacity for performance. The best way to do this is by submerging the miner. This is because the cooling capacity of the immersion liquid is much higher than that of the air.Immersion cooling has also been found to reduce operating costs Up to 33%.
Of course, an immersion setup requires considerably more expertise to build and operate than a traditional air-cooled setup. Still, more and more companies are relying on immersion to build, and the industry sector is growing rapidly.
Trend 3: Chip Shortage
Chip shortages are causing massive supply and demand crises around the world today.Demand for semiconductor chips 17% increase from 2019 Suitable for use in cars, phones, tablets, home healthcare devices, AI, etc., and for use in mining rigs. However, supply has not increased enough to meet the demand, even though semiconductor manufacturers are producing at 20 million yen. 90% capacity.
As new batches of chips are produced, they are distributed to those companies that need them most or have the most traction in the market. These companies are often not mining manufacturers.Chips with specific demand can keep businesses waiting Up to 1 year before supply.
What will be the impact on mining operations? This means making short-term decisions is not an option at this time. Miner makers are in the backlog and can’t process orders in a timely manner, so mining he needs to plan the operation about a year in advance, order early and wait for it through his modeling of the solid ecosystem there is.
of U.S. Department of Commerce concludes, “The main bottleneck across the board appears to be wafer capacity, which requires a longer-term solution.” As experts predict, this chip shortage could last until 2023, until that “long-term solution” appears.
trending in the right direction
Overall, these trends point to some important things happening within the Bitcoin mining industry. First, they believe that Bitcoin miners are learning what works and what doesn’t and are focused on innovating or adopting new practices to evolve. Among other things, these trends show that Bitcoin mining has become a resilient industry and that despite current market challenges, mining is on the right track. .
Guest post by Marco Streng of Genesis Mining
Genesis Mining is a cryptocurrency cloud mining company that provides an easy and secure way to buy hashpower without having to deal with complicated hardware or software setups. We provide hosted cryptocurrency mining services and various mining related solutions to small and large customers. Genesis Mining was founded by him at the end of 2013.
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