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Bitmain Creates Platform To Bring Together Crypto Miners And Mining Farma

Bitmain’s Own Mining Power Goes down by 88%

Cryptocurrency mining is a vital part of the industry as a whole, and the growth of this sector has a direct connection to the growth of crypto as a whole.

Many governments have developed frameworks to recognize crypto mining as an industry in their jurisdictions.

Bitmain, a leading manufacturer of cryptocurrency mining equipment, has announced that it is setting up a platform through which crypto miners and mining farms can connect.

The platform, a matchmaking service of sorts for these entities, is called World Digital Mining Map (WDMM).

The platform is set to be officially announced at the World Digital Mining Summit being held in Frankfurt between the 8th and the 10th of October, 2019.

Bringing together miners and mining farms

The platform will allow crypto miners to find the locations of mining farms so that they can power their mining hardware.

The mining farms that Bitmain is connecting prospective miners with will be able to provide these miners with free resources so that they can execute their business.

Crypto mining requires a substantial amount of electrical power, and several miners do not have ready access to the kind of energy that’s needed.

Many mining farms are found in regions with cheap hydroelectric power. Most of these mining farms are located in China, which carries over 70% of the world’s Bitcoin mining power.

Russia has a growing crypto mining community, with 10% of the world’s Bitcoin mining power coming from the country.

It is likely that many of the mining farms that will be available on Bitmain will come from such regions that already have a significant amount of mining power.

According to Matthew Wang, Director of Mining Farm at Bitmain, the WDMM will help to make crypto mining a more sustainable enterprise in the long run.

The platform will achieve this by connecting mining farms and mining equipment owners in a new way. He added that this is part of their commitment to provide miners with the necessary support for their hardware and support the sector’s overall growth.

Listing on WDMM

Mining farm owners will be required to apply for listing on the platform. For the farm to enlist, the owners need to provide details such as the location of the farm and the capacity that their farm has.

The farms themselves will be able to receive some services from Bitmain, including support with farming operations, assistance with the designing of their farms, purchasing, and connections to a pool of international customers.

Bitmain reaping profits from growing Bitcoin hash rate

Over the last few weeks, Bitcoin’s hash rate has gone up as a result of new mining hardware that has gone online.

Bitmain has sold a significant portion of this equipment, and as crypto mining continues to grow, the company will continue to make healthy profits.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.