What is a Cryptocurrency Mining Farm?
A cryptocurrency mining farm is essentially an enclosed, controlled space in which computer servers process network transactions for a specific coin in hopes of being rewarded a fractional fee. The computing power is used to process calculations that confirm transactions on the blockchain, an essential role in the sustainability and security of digital currencies. To scale an operation, crypto farmers install hundreds and thousands of ASIC servers and require personnel to install, maintain and deploy cooling or dissipation systems to keep generated heat to a minimum. Crypto miners are rewarded with a portion of the digital currency they mine after they secure and confirm one of these transactions and those with the most “hash” (processing) performance will naturally secure more rewards.
Inspur is aiming to build a 6-megawatt farm, which equates to around 2,000 ASIC miners combined. The main warehouse will be equipped with ventilation systems to ensure stable low temperatures are consistently met and additional Bitmain mobile containers with hangar-style canopies are being erected outside the main warehouse to further expand the company’s vision. Inspur will begin hiring various members of the community to join the development phase in both full-time and part-time capacities for the facility. The Mayor for the Gros-Mécatina region, Randy Jones, has supported the project with hopes of revitalising a once-thriving economy.
Inspur’s team have been operating several crypto mining farms for the past 5 years from small to medium scale, and their combined knowledge and experience will be of great benefit to the project’s success. Operations are slated to begin by Summer 2022, as the ice floes melt and the area is accessible once again by sea for transport of containers, mining equipment, transformers, networking material and HVAC systems. As a remote location only accessible by sea or air, with temperatures varying from frigid to cool throughout the year, Inpsur Mining is confident the property selection will be a great complimentary fit to other mining operations currently set up under its banner in North Dakota, USA and Dubai, United Arab Emirates and will offer customers interested in colocation hosting competitive rates and options.