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Despite "Crypto Winter" Miners Continue To Open Shop

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@bitcoinflood
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It seems that despite the so called crypto winter going on right now that companies continue to thrive, grow and build. Primarily what this crypto winter is doing is giving everyone a slap in the face that needed one. Over the last 3 years you could have pretty much invested your money anywhere and makes huge gains. People started to think they where pro investors and when that happens it's time to get out and wait for the crash.

That crash happened and it happened over the course of about 6-8 months around November of 2021. Now most likely markets are over sold even though some continue to speculate how low bitcoin can go saying $5,000 to $7,000. Personally I don't believe this. All we did was correct our way back to where we should have been just before covid lockdowns hit. Now things will most likely be somewhat stagnate till Q4 or 2023 as everything gets filtered out.

Aspen Creek Digital

This seems to be what other companies are thinking as well and are opening up mining business such as Aspen Creek Digital in western Colorado. The new facility just opened and is powered by a solor powered system producing six megawatts for those of you who don't know that's 6 million watts of power being produced by this system.

The facility is using S19 mining machines and in located in a 75,000 square foot research and development center. S19's produce roughly 110 terahashs to bitcoins network and uses a total of 3,250 watts of power. They generate about $10 each at the moment or roughly $300 a month. They are barely break even if you have to pay for power which brings profits down to about $0.67 per unit per day.

This is why many companies are turning to solar and other systems to produce the electric for them. Not only does this help cover costs but it's a asset that could either power mining rigs or later down the line if bitcoin falls too low could put power into the grid or even power a small down around it.

That's a huge point I want to mention here is that these companies are building huge amounts of so called "renewable" energy and the infrastructure that's needed. So while many will say crypto is bad for the environment I actully see it producing one of the biggest positive effects ever in the world right now.

The other thing to consider is that perhaps these companies don't need to sell off the crypto as soon as it's mined. Instead they could be building some reserves so when the next rally sets in that $10 a day profit could be $20,$30 even $50 per miner. Some may look at it as a long term investment.

Are you mining any crypto yourself with PoW systems? Or have large companies like this scared you away from your hobby mining farms?

Posted Using LeoFinance Beta