By
Mayowa Adebajo
April 15th, 2024
There was a time where mining Bitcoin was something that anyone could do. The difficulty was low, the turnaround time was quick, and the strain on resources barely touched sides. However, that is no longer the case.
It takes a lot of work, capital, and even luck, to be profitable in cryptocurrency mining nowadays, and for that reason, it is no longer a hobby for those mining at home anymore.
There have been efforts to try and keep the mining doors open to any and all, such as cloud mining where users buy the output of Bitcoin mining power from Bitcoin mining hardware placed in remote data centres, however, this has not really been the answer.
Margins on mining have become so slim that even in cloud mining, the amount of money taken off the top by those providing the service make it almost pointless. This is where Ice Rock Mining believe they have the edge.
Opening the New Era of Miningdoor on Mining Again
Ice Rock are launching an ICO that is geared towards offering users two options when it comes to getting involved.
There is the chance to get involved in cloud mining which they state is hugely profitable because of the system they have devised for their mining farm which involves a Soviet bunker.
There is also a chance for investors to simply buy into their token – the ROCK token – in order to back the investment that is a super charged underground mine.
Because those who want to mine may not be able to afford to get into it, due to varying costs from the start up to the running costs, Ice Rock offers what they think is the best returns on cloud mining.
And because there are those who want to still profit from the phenomenon that is mining without actively mining, Ice Rock’s ICO can be treated like any other token, held onto until it is available to be traded.
Taking Mining Back to Its Roots
Ice Rock claim that they can super charge cloud mining because they have done everything seemingly possible to cut the costs of running a mine.
Their biggest asset it would seem is that they plan to set up their mine, which can hold 4,600 ASIC rigs, inside an abandoned Soviet bunker in Kazakhstan. The bunker has been bought by Ice Rock, which is where their margins start increasing already.
Because they own the property there is no cost for rent that can take away from the margins of mining, additionally, there is no maintenance on the building as it is essentially solid rock.
Ice Rock chose the Soviet bunker as it also provides year round cooling with its own internal ecosystem that keeps the temperature down at a steady 12 degrees, cutting on cooling costs for the mining rigs.
Additionally, they are well placed to receive cheap electricity as there is a nearby hydroelectric power station that supplies the bunker. Ice Rock claim that they are not paying more than $0.03 per/kWt of power.
Translating the Savings
Because mining is such a game of slim margins in this day and age, Ice Rock’s aim has been to try and grow those margins as far as possible to make mining accessible and attractive again.
They are looking to share their saving of mining various cryptocurrencies by allowing users to buy specific and customized packages for mining through their facilities, returning the profits with what they believe will be much higher margins of profit.