Bitcoin miners are on a race to keep their machines cool. They are on the look of the coolest places on earth to save on electricity. Bloomberg reported that one mining startup buried its mining rigs in the Eurasian steppe to keep them cool for example. But there are other creative solutions to manage the thermodynamics of Bitcoin mining and save money. Recently, Bitcoin Mining giant, Bitfury has researched a new solution that keeps mining machines cool, reducing costs.
Bitfury Following in the Footsteps of Bitmain?
Following Bitmain Technologies Ltd, Bitfury is the next biggest player in Bitcoin mining. Bitmain is launching an IPO and also its water cooled Antminer S9 Hydro to make the machine more energy efficient. Apparently, Bitfury has a new cooling system of its own that it is deploying at its Georgia plant.
Bitfury’s Innovative Cooling Liquid
According to sources, the Bitfury is now running its operations at a 40-megawatt mining plant in Tbilisi. In order to reduce the heat and cost of cooling, mining equipment is immersed in a non-conductive liquid. Bitfury was reportedly running its operation with 160 mining cooling tanks in July at the time of Bloomberg’s visit.
Cooling Tech with Multiple Applications
This cooling technology has been in use to cool servers and also being used in car engines. The system Bitfury uses works by placing the hardware in an open liquid coolant tank. This liquid has a low boiling point. As soon as the equipment gets heated, the fluid boils which allows the heat to escape. The fluid becomes steam, rises and condenses into a water-cooled coil. It will then go back to the tank. This allows the mining operation to save up to 95% on the energy needed to cool its equipment (That depends on the size of the company and on the degree to which fluid is lost).
Additional Cost-Saving Measures
When it comes to sources of cheap energy for bitcoin mining, China is among the cheapest countries to mine in. Now Georgia is also on the map and Bitfury’s operation there is showing that aside from sources for cheap energy and the cooling technology the company is deploying there, there are additional advantages that Bitcoin miners can enjoy in this country. Cheaper land prices and tax incentives should be pushing more miners to shift their operations to Georgia.
Bitfury managed to take advantage of everything Georgia has to offer, and it managed to lower the costs of its mining activity deploying this cooling technology based on a low boiling point liquid. Other miners will definitely find Bitfury’s innovative cooling liquid useful. The benefits of this cooling technology will extend beyond cryptocurrency mining into other industries.