Bitmain’s Digital Mining Map to Connect Miners, Farm Owners
China’s top chipmaker, Bitmain, has revealed its plan to offer the crypto world the first resource that will connect mining hardware owners with mining farms that have the available power resources to host them. The World Digital Mining Map (WDMM), which will be the first platform of sort, would serve to connect miners who want to host their rigs with farms that have extra capacity thus helping both parties to expand faster. The map will presumably act as a marketplace to support and link the main players in the digital mining sector.
“The WDMM will help make cryptocurrency mining more sustainable in the long-run by connecting mining farms and hardware owners in a whole new way,” says Bitmain’s Director of Mining in a blog post. The mining equipment manufacturer notes that the WDMM will seek to help mining hardware owners remain price-efficient, as they are always “on the lookout for locations with the right conditions and power resources for cryptocurrency mining”.
For mining farm owners to be listed on the WDMM which is set to be launched during the forthcoming World Digital Mining Summit in Frankfurt, Germany between October 8-10, they have to provide details on their current mining farm setup and capacity to host other miners.
Also during the summit where its co-founder, Jihan Wu, is expected to deliver a keynote speech, Bitmain will announce the winners of its top 10 mining farms around the world – voting has been held from within the global mining industry for the most innovative operations. The winners will be taken from among some 22 mining farms located mainly in Canada, Kazakhstan, USA, Russia and China. The farms would be selected based on several criteria including their location, capacity, farm condition and hosting price.
Bitmain’s latest announcement follows the chipmaker’s proposed release of the world’s first Big Data Analysis Report of Global Mining Farms – also at the summit. The analysis report is to cover insights on the cryptocurrency mining industry including mining farms, electricity costs, site selection and construction expenses. Its idea is to help improve decision-makers’ understanding of the opportunities, risks and hurdles common to the market particularly as the summit’s theme will centre around digital mining.
The initiative could bode well as a laudable effort by the chipmaker to support the mining sector’s overall growth since its planned IPO flopped. It has been faced with growing competition against its dominance of the global mining industry even as it’s been reported to have incurred losses on its cryptocurrency investments as well as experienced a slowdown in miner sales. Despite of these setbacks, this move presents Bitmain with an opportunity to continue to pride itself as being at the forefront of leading research and development efforts in the crypto mining industry.