The price of bitcoin has stabilized in recent months. This improves the perspectives of Chinese miners who construct new mines in the region with cheap energy.
A specialist on Chinese digital economy and the author of three books, Tim Swanson published photos of the new farm in his twitter:
new #btc mining farm being built/expanding in Western Sichuan near Tibet with 0.2 RMB per kWh electrical rate pic.twitter.com/owYjCSZk9k
— Tim Swanson (@ofnumbers) May 19, 2015
The miners build their station in the place where energy is really cheap – and they pay just 0.3 USD per 1 kWh. This makes Sichuan a fertile ground for miners.
Swanson does not name the firm which is in charge of “bitcoin farm”, but a short search shows that the company in question is HaoBTC.
“HaoBTC is an interest-bearing multi-funciton wallet service. We provide interest-bearing wallet service as well as onchain multisig vault service.”
Presently the company promises a dividend rate at about 10% on any bitcoin deposit. It claims that their clients can take the money out of the wallet like fiat coins out of the pocket.
Now the company has invested in bitcoin mining. One of the creators of the new “bitcoin mine” and Forbes columnist, Eric Mu even promises to spend three months working at a new mine.
As CoinFox reported earlier, Chinese bitcoin companies continue to build mines all over the country. In the beginning of 2015 Motherboard site published a video about Chinese “bitcoin mine” place in one of the northern provinces of the country. The mining complex occupies several floors in the industrial building. Four people working in shifts supervise long lines of computers that produced bitcoins every hour. Owners of the business claim that despite all the difficulties with the status of bitcoin in China the business is profitable – and the new bitcoin mine in Sichuan confirms that this is a trend
