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Mining profitability depends on computational power versus energy consumption. BitFury is announcing some impressive numbers today.
Bitcoin Mining Energy Consumption
Bitcoin, Mining, BitFury, Energy Consumption
Bitcoin mining sounds like a dream. Simply turn on your computer hit “go” and watch the world's most popular digital currency fill up your virtual wallet.
Anyone experienced in the Bitcoin mining game will tell you that things aren't that simple. Mining consumes electricity and electricity costs money. Anyone who knows anything will tell you that mining bitcoin with a home computer is virtually impossible, but that doesn't mean that dedicated mining companies don't deal with the same issues.
Bitcoin mining still comes down to electricity costs versus bitcoin created. If you can lower those electricity costs, then your mining becomes that much more profitable. BitFury, a Bticoin mining and infrastructure company, is claiming new levels of cutting edge in energy efficiency.
BitFury plans to achieve 0.2 Joules-per-Gigahash (J/GH) in its high powered mining centers by the end of this year, with plans to improve to an astounding sub 0.1 J/GH by “mid-2015[.]”
If they manage to stick to their technology roadmap, it will be quite an achievement, considering that a German ASIC miner made headlines back in late August when it announced the first ASIC miners with 0.19 and 0.16 J/GH energy efficiency. If BitFury manages to reach energy efficiency approaching that in their high-powered cloud mining centers, it would be an impressive feat.
The company also plans to upgrade its data centers to beyond 100 megawatt capacity. That scalability will give them a competitive edge, says BitFury CEO Valery Vavilov:
“Our ability to project such expansion is a testament to our execution, which has provided us the resources to gain much greater scale.”
If their claims are true and their goals are met, the savings provided by the increased energy efficiency should give BitFury a competitive advantage over companies that aren't able to match the same levels. Some of that should be passed on to their customers, as BitFury plans to sell “at least half” of its networking power to new and existing customers.
BitFury, it should be noted, recently invested in BitGo, a provider of secure, multi-signature wallets.
We will keep you updated on if BitFury manages to keep to its technology roadmap plan.
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