Prepares $20 Million-a-Month Bitcoin Mining Operation

CloudHashing13 Mar 2014 / International Business Times – A cloud-based bitcoin mining operation which rents out computing power to customers could soon be churning around around $20 million worth of bitcoins each month.

Earlier this week a bitcoin mining operation near Seattle opened its doors to a local TV station, showing two warehouses filled with racks of bitcoin mining rigs.

It’s operator Dave Carlson told the Komo news station that he was operating with a processing power of one petahash and was mining an estimated $8 million (£4.8m) worth of bitcoins every month.

While Carlson’s operation may be “the largest mine in North America and most of the rest of the world” it is about to be dwarfed by that of bitcoin mining company

2.5 petahashes per second

The company, which is registered in London, is currently operating at a capacity of 1.5 petahashes per second, but a spokesperson for the company claimed that by the end of March it will have expanded that capacity to 2.5 petahashes per second.

While calculating exactly how many bitcoins this processing power will generate is difficult, it is safe to say that mining bitcoins is all about processing power, and with using the latest in ASIC (Application Specific Integrated Circuit) technology, estimating that its entire network will generate somewhere in the region of $20 million worth of bitcoin is probably a safe bet…. Read more

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