Ginco Mongol, a cryptocurrency mining company of Mongolia, is planning to expand its mining operations in the country three-folds due to cheap electricity and cold weather. This means addition of 1,000+ new mining units even after the bear market.
In the world of business loss of one often turns into profit of someone else. The same scenario is playing out in cryptocurrency space too. After China’s closure of doors to crypto miners other Asian countries are starting to benefit from crypto mining space. Monoglia is also one such country – thanks to its cheap electricity rates, the country is looking all set to emerge as home to about 1,000 new crypto miners within this year itself. Ginco Mongol, the Mongolian arm of Japan’s Ginco Inc., is planning to treble the size of its mining operations in the country despite the plunge in BTC’s price.
This information was revealed by none other than Ginco Mongol’s CEO Yuma Furubayashi. Speaking to Nikkei Asian Review during an interview he said that while business environment of Bitcoin is increasingly harsh, the company can still produce a profit. And choosing Mongolia to expand its mining operations is a part of that strategy, because cheap electricity and cold weather of the landlocked nation can provide the perfect environment to operate crypto mining farms at a fraction of the cost.
Ginco Inc. is headquartered in Japan, where it provides cryptocurrency wallets and blockchain consulting services. However, it also operates two mining farms in Mongolia. Those farms have got 600 mining units deployed to mine Bitcoin day-in, day-out. In 2019 company is planning to increase the number of these mining units to 1,600, which means that about 1,000 new units will be added by the company in this year. In a separate interview sometime earlier Yuma had also elaborated his plans of a miner repair service and some other spin-off projects for Ginco Mongol.
The cryptocurrency mining space is also vying for a new leader as Bitmain struggles with its finances. The company’s cash flow situation has deteriorated significantly due to its failed Bitcoin Cash gamble, and with falling Bitcoin prices it has also been operating at a huge loss. The leadership of the company is also going to be changed, and the future is presently looking very uncertain. In such circumstances it will be interesting to see whether Ginco can establish itself as a leader in the market or not!