3G Venture II opens up a mining farm at the former Intel plant


California Venture II 3G paid $13 million for a part of the territory of the former factory of Intel in Colorado springs, where the company intends to build a mining farm for Bitcoin mining to turn into a new operation on the development of bitcoins.

Miners always choose cities that offer cheapest electricity in order to reduce costs and increase profits. It seems that now and Colorado springs to join the list of attractive mining regions. At the price of 7.94 cents per kWh, commercial electricity tariffs in the city by more than 21% lower than the national average. City leaders are using these benefits to attract new businesses to the region and it seems that it works. A large part of the city’s economy is built on the work of the high-tech sector. Verizon and Hewlett-Packard have their offices here. In 2000, Intel was built on the vast territory of the plant for the production of semiconductors. But, in response to the crisis, in 2009, Intel closed the factory and since then it has remained abandoned.

Opening a mining farm

The California-based company 3G Venture II had acquired a “large part” of the old plant, previously owned by Intel, and plans to turn it into a real mining farm. The purchase price totaled $13 million that was invested in 30 acres of land and over 700,000 square feet of space in four old buildings of the company.

In three buildings with an area of 85 000 square feet will be set mining devices for production to be maintained by the company itself. The fourth building, with an area of 640 000 square feet, will be designed for industrial tenants.

Cheap cost of electricity and the impressive size of the object, were the main factors that attracted John Chen, owner of the 3G Venture II.

Energy infrastructure, including the substation and two separate power supply became a significant advantage when you select an object for organization of the mining farm.

As you know, in addition to the costs of equipment, one of the most stratemail part of mining are the energy costs to run the devices, hence the need to find regions with cheaper electricity and a cooler climate.

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