Top 5 Best Cryptocurrency Mining Companies
The following is the list of top 5 best cryptocurrency mining companies:
Founded: February 2014
CEO: Marco Streng
Hashrate: 1000 GH
The Genesis Mining facility was founded in 2014 by Marco Streng. It made headlines as one of the first mining facilities developed solely to mine Ethereum. Genesis Mining provides an option to those who would like to mine Bitcoin and altcoin and is the world’s first large scale multi-algorithm cloud mining service.
Genesis Mining is a firm that sells bitcoin mining contracts and is currently one of the largest cloud mining companies in the world. Initially, their mining firm was located in Bosnia and China but at present, the firm is concentrated in Iceland and Canada. The cold climate combined with low electricity prices makes these countries attractive for mining cryptocurrency. Currently, the mining facility also mines additional coins such as Monero, Zcash and Dash.
The largest consumer of electricity in Iceland is believed to be Genesis mining farms. The electricity consumption and cooling issues are usually kept secret by large miners.
The giant mining facility at Genesis is powered exclusively by geothermal energy and is considered to be the largest ETH mining platform in the world.
Genesis Mining offers crypto miners a smart and easy way to mine cryptocurrencies. The firm’s Bitcoin mining system is suitable for those who are new to the cryptocurrency industry, cryptocurrency experts and large-scale miners.
2. Bitfury Mines
CEO: Valery Vavilov
Hashrate: 1,194.07 PH/s
The Bitfury Group is the extensive full-service blockchain technology firm in the world. The firm develops and delivers cutting-edge software and hardware solutions essential for businesses, governments, organizations and individuals to securely move assets across the blockchain.
The firm’s expertise assures successful, fast, easy, secure and cost-effective connectivity to the blockchain. The Bitfury Group is dedicated to developing the blockchain community.
The Bitfury mining facility in Georgia employs the naturally cold climate to lower operating costs and keep the mining rigs running cool.
The government of Georgia is supporting Bitfury mining in its country and the government has given enough power to back Bitfury expand its operations. The Bitfury mining has provided a return service for the Georgian government with recently launching a property ownership blockchain for the government. This type of close association can aid to improve the status of the cryptomarket in the future.
Founders: Jihan Wu and Micree Zhan
Hashrate: 1790.09 PH/s
Bitmain was founded in 2013, which is aiming to transform computing by developing industry-defining technology in the blockchain, cryptocurrency and Artificial Intelligence (AI). The Bitmain’s SanShangLiang industrial park mining complex in Mongolia is the largest mining facility in the world. This large mining operation consists of 25,000 machines that process $250K worth of BTC daily.
The firm also manages the world’s largest and second largest Bitcoin mining pools in terms of computing ability, BTC.com and Antpool respectively.
The mining operation is an expensive affair with the electrical cost beating that of a small town in Mongolia at around $39,000 every day. Bitmain’s mining facility is so vast that it employs 50 around the clock operators to monitor the rigs and ensure everything is running smoothly.
4. Hut 8 Mining
CEO: Andrew Kiguel
Location: Alberta, Canada
Hashrate: 784 PH/s
Hut 8 is the largest publicly traded cryptocurrency miner in the world. Hut 8 is a cryptocurrency mining and blockchain infrastructure company established through an exclusive partnership with the Bitfury Group, the world’s leading full-service blockchain technology company.
Hut 8 Mining operation consists of 85 datacenters that produce 95.2 MW of hashing power. The mining firms are strategically positioned in Alberta where electricity costs are low due to natural gas and sufficient wind generation.
The firm’s Medicine Hat at Alberta has 56 BlockBox datacenters running at a maximum capacity of 62.7 MW and 504 PH/s at full load and in Drumheller, Alberta it has 29 BlockBox datacentres running at a maximum capacity of 32.5 MW producing 280 PH/s at full load.
5. Bcause LLC
Founder: Thomas Flake
Location: Virginia Beach
Hashrate: – NA –
In 2018, Bcause Mining started its operations in its state of the art digital mining facility in Virginia Beach, Virginia. It is the largest crypto mining facility in North America. The company has its headquarters in Virginia Beach, with the firms’ operations in Chicago.
Virginia Beach is not usually considered a crypto friendly location for crypto business, but after the local government cut the taxes for data centers, the city has now been recognized as the hub for crypto mining business.
Virginia Beach has awarded Bcause LLC a $500,000 grant to grow its operations further. The firm is considering to add an extra hundred employees to the mining facility. When the firm operates in full capacity it is expected to cover an amazing 84,000 square feet of area, which will be the largest mining facility in North America.
We have tried to cover all the aspects of the top 5 cryptocurrency mining companies in this article. Many countries across the world have adopted this technology and are making a huge profit out of cryptocurrency mining.
2018 was not a great year to be remembered for the cryptocurrency industry, as most of the cryptocurrencies were bearish in the market. We have to wait and watch whether 2019 will bring some fortunes to the cryptocurrency industry.