PHILADELPHIA, February 10, 2021 / PRNewswire / – VBit Technologies, one of the few US-based companies that develops and hosts Bitcoin mining operations, based in Philadelphia expands its mining business to Montana. Known as the “Known Technology Frontier”, Montana provides access to cheap electricity and cooler conditions, making it an ideal place to turn dormant production facilities into server farms to mine Bitcoin. Yesterday, CEO of Tesla, Elon Musk, announced that it had bought $ 1.5 billion Worth Bitcoin and would start accepting Bitcoin as a payment method for its products. Some credit Musk for increasing the price of cryptocurrencies. To date, Bitcoin has hit another all-time high at $ 48,200 per coinable price index, so the market grows, also bitcoin mining.
VBit already has existing mining sites in Calgary and Colorado and expands into Montana when actively searching for new locations in Western Pennsylvania also. Montana, with its inexpensive and huge amounts of hydropower and large vacant facilities with its own substations, is a prime location for expanding the Bitcoin mine. VBit will deploy its new mining hardware in a data center that is 100% hydroelectric.
According to bitcoinenergyconsumption.com, the total electricity consumption of bitcoin mining is estimated to be 77.8 TWh per year in 2020, which is the equivalent of the entire country of Chile. A single mining transaction consumes 686.5 kWh, which is equivalent to 23.3 days of electricity for an average US household (Bitcoin Energy Consumption Index – Digiconomist). It is estimated that this amount of electricity generated adds more than 36.9 tons of carbon dioxide to the atmosphere New Zealand in a year.
Don VoThe CEO and Founder of VBit Technologies said, “Crypto as an industry is now mature and firmly entrenched in the mainstream. It’s here to stay, as is VBit Technologies. So from an environmental point of view, it’s important for Bitcoin mining to take place greener energy source, which not only reduces the cost of electricity consumption but also generates it from renewable sources, making it environmentally friendly. In addition, VBit is exploring a new liquid immersion technology that enables a more reliable mining environment with fewer failures If downtime has an hour of downtime, it means we’re losing money, so we need to optimize equipment for profitability and customer satisfaction. “
VBit Technologies has a brand called VBit Mining that provides Bitcoin mining services to thousands of people worldwide and is on its way to becoming one of the largest Bitcoin mining companies in the world.
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VBit Mining Montana
SOURCE VBit Technologies