Despite the drop in cryptocurrency market in 2018 Mongolia became the center of mining at the expense of cheap power and cold climate, writes the Nikkei Asian Review.
The Japanese company Ginco, operator of the eponymous crypto, start mining business in the continental country in October last year. Ginco has about 600 ASIC miners and plans at the beginning of the year add another 1,000 units. These are small figures for the mining industry, but the company makes a profit.
“The business environment is becoming increasingly harsh, but we can still make a profit”, — said in an interview with the Nikkei, the General Director of Ginco Mongol , Furubayashi Yuma (Yuma Furubayashi).
The key factor for the cost of mining cryptocurrency is the price of electricity, and in Mongolia, the rate is one-third of Japanese and even lower than in China. In addition, the cold climate allows you to save on cooling of the mining equipment. According to Furubayashi, Mongolia is one of the few countries along with the USA and Sweden, where the bitcoin miners can make a profit.
Mongolian IT company iTools, operator of data centers, the beginning of the mining business last summer. Due to stagnation of the stock market, the firm has adjusted its plans to expand capacity for mining digital currencies. But the head iTools Bayarsaihan Tamir (Tamir Bayarsaikhan) believes that the company deepens its expertise in blockchain technology and will be able to use it for the development of a new direction in business.
The government of Mongolia supports the development of the IT sphere, and has recently adopted a code of regulations for digital currencies. After that, the largest mobile operator in Mongolia, Mobicom has announced plans to launch its own cryptocurrency Candy.