Bitcoin

Bitmain to Launch World Digital Mining Map (WDMM) in October 2019

Bitmain, a mining chip manufacturer headquartered in Beijing, China, has announced to launch a platform dubbed World Digital Mining Map (WDMM) to bring mining hardware owners and mining farm owners on the same table. The mining hardware giant, Bitmain has planned to introduce the platform at the World Digital Mining Summit (WDMS), scheduled on 8 October 2019.

To date, there’s not a single platform like WDMM that brings mining hardware owners closer to mining farm owners. As the mining industry is expanding with time, the initiative taken by Bitmain will facilitate the mining hardware owners who are always looking for economical resourceful places. With the help of WDMM, they can easily interact with farm owners offering a place with power resources against some fee. In this way, WDMM will be beneficial for both parties.

In addition to that, WDMM will contribute toward a smooth mining environment. Particularly elaborating on the impact of WDMM on mining, Matthew Wang, Director of Mining Farm of Bitmain said:

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. It is part of our commitment to provide miners with on-going support throughout their hardware’s lifetime and to support the sector’s overall growth

During WDMS, farm owners would be able to apply for getting listed on the WDMM. Before getting enlisted, all the applicants constituting farm owners will be required to share details of their farms such as setup of the farm and its capacity.

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According to Bitmain, applicants will be receiving personalized services from the company after getting enlisted in the WDMM. Bitmain will assist farm owners on mining farm design. Apart from that, Bitmain will also link farm owners with customers, even foreign customers. Besides, Bitmain will also help the farm owners with operations such as construction, purchasing, etc.

Workshops specialized on mining farm data analysis and an interactive environment for miners and farm owners would be bestowed by Bitmain in order to allow the exchange of ideas and open partnership opportunities.

Apart from the launch of WDMM, Bitmain has decided to take a step forward by reserving awards, VIP tickets and official certification, for top 10 mining farms in the world. The voting for the top 10 farms is open and, at the moment, there are 22 mines competing for top 10 positions.

Bitcoin mining is a process during which new bitcoins are minted. Important to the bitcoin network, bitcoin mining ensures security and decentralization of bitcoin. As anyone with sufficient computing power is capable of verifying transactions on a blockchain, bitcoin, a decentralized digital currency, isn’t under the influence of any authority.

As bitcoin is wold’s first truly digital cryptocurrency, the price of bitcoin is solely dependent on the fundamentals of supply and chain. To successfully add a new block to the bitcoin blockchain, miners need high computing power. As bitcoin mining is flourishing, the entrance of new miners is increasing the difficulty rate associated with mining. That’s why places with cheap power sources are always preferred by miners.

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China has been the mining hub for several years. Due to extremely low electricity costs, many miners are located near the Sichuan province. About 70% of bitcoin mining in the world takes place in China where the area of Sichuan province accounts for most bitcoin mining activities.

Previously, BlockPublisher told that the future of bitcoin mining industry seems to be prospective. It was suggested that bitcoin mining revenue is all set to break $15 billion marks in early 2020. Up till now, the industry has already generated a revenue of about $14 billion.

As the entrance of new participants in the bitcoin mining industry isn’t slowing, the increasing difficulty rates are making mining harder for the miners. In addition to that, the phenomenon of bitcoin halving will cut the reward of miners from 12.5 bitcoin to 6.25 bitcoin. It would be of interest to see how the participation of miners is affected due to WDMM and bitcoin halving.

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Fatir Malik

Electrical engineer by profession, turned into blockchain developer. Fatir contributes regularly with his insights about latest developments in fintech sector. Contact the editor at editor.opinions@blockpublisher.com

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