Cloud mining costs drop in response to Bitcoin halving

Rage Comment : The inherent rules of Bitcoin mining make its output continue to halve, and this factor will not have a great impact on the price of Bitcoin, so reducing mining costs has become an urgent need for miners. In order to maintain mining enthusiasm, mining companies are also seeking to upgrade mining machines to reduce electricity costs. The famous cloud mining company Genesis Mining has extended the contract period with customers through free commitments, Hashflare has reduced costs through technical upgrades, and Bitmain's Antminer S9 is known as the world's lowest power Bitcoin mining machine.

Translation: Annie_Xu

After the Bitcoin production was halved, mining software companies began to look for ways to reduce mining costs.

Among them, cloud mining service provider Hashflare is also making such attempts.

The central topic recently has been around mining energy consumption, especially during the critical period of Bitcoin halving, as it is an important factor in ensuring low operating costs and maximizing profits.

Reports show that some Chinese companies are gathering to discuss how to "share power grids and local power resources"; this also includes hydropower, wind power, electricity prices, policies, and specific mining cooperation.

Low electricity prices will attract investment from Bitcoin mining companies, especially in China, which accounts for 82% of the world's hash power.

New Products

Mining software company Bitmain has released new products, including the recent Antminer S9, which is known as the world's lowest power Bitcoin mining machine. This product, which has been launched on the market, is designed to meet the challenge of Bitcoin production halving.

Genesis Mining, a well-known cloud mining company, tested a large number of X11 ASIC products and upgraded all ASIC X11 customers from one-year contracts to two-year contracts, and promised to provide free services in the second year to reduce their electricity costs.

Hashflare reduces energy costs and gives benefits to miners. The company also sent the following email to SHA-256 contract holders: "Now that the Bitcoin mining reward has been halved, we must help you maintain normal operation. In the past few months, we have been installing energy-saving SHA-256 hardware in our data centers to save electricity costs." "Therefore, we are proud to announce that the maintenance and electricity costs of SHA-256 have been reduced by 25%, from $0.008 per 10 GH/s to $0.006 now. Of course, the work is not over yet, and we hope to make better progress."