Bitcoin’s terrible price performance forces companies to make tough calls. Especially in the mining department, breaking even has become a lot more difficult. German private equity fund Xolaris sees things differently. The company will invest $50m in Bitcoin mining for the Asian market.
Lira, eToro’s New Open-source Programming Language
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Coinspeaker Lira, eToro’s New Open-source Programming LanguageeToro, the global multi-asset investment company, has today released the details of Lira, a new open-source programming language for financial contracts. Lira is the first step in bringing the $500 trillion OTC derivatives market onto the Blockchain by introducing a new formal contract language.(i)Lira is a domain-specific language that […]
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The Current State of Bitcoin Mining
The topic of Bitcoin mining has gotten a lot of attention throughout 2018. In most cases, this pertains to the electricity consumption associated with this process. There is also the falling Bitcoin price to keep in mind. A lower price makes it more difficult, if not impossible, for miners to break even. So far, the year 2018 has not been too positive in that department.
Last week, Bitcoin briefly became the least profitable version to mine. Both Bitcoin Cash and Bitcoin SV surpassed its profitability. While things are returning to normal, there are still a lot of unanswered questions. Mining Bitcoin usually revolves around hoarding BTC and hoping it appreciates in value. The year 2018 has not shown any glimpse of such a trend coming together. This makes it difficult for new players to enter this market at this time.
One company bucking this trend is Xolaris. The German private equity firm has a bold plan. They are in the process of entering the Asian market. As such, they aim to set up a Bitcoin mining farm over the coming months. A somewhat unusual decision, as Bitcoin’s value struggles to remain near the $4,000 mark. cryptocurrency mining is still popular in Asia. As such, it makes sense for Xolaris to target that market first and foremost.
Xolaris has Previous Experience
It is not the first time Xolaris tries its hand at Bitcoin mining. The company is already active in the European market. Their main Bitcoin mining operation is set up in Sweden. That country has been rather popular due to its access to renewable energy. Every Bitcoin mining farm is looking for ways to reduce overhead costs in different ways.
Xolaris also plans to raise up to 50 billion euro with its new European fund. They aim to achieve an annual return of up to 21% over the coming years. All proceeds will be used to expand the Swedish Bitcoin farm in the future. Both of the company’s mining ventures come at a crucial time for the cryptocurrency industry. Rather than looking at the negative, the company sees this price decline as a positive.
For the Bitcoin community, this news is more than welcome. The Bitcoin network has seen a decline in overall mining power. As prices continue to fall, miners are shutting down their operations accordingly. With Xolaris doubling down on mining efforts, that situation can be partially negated. Overcoming this near 50% drop in hashrate will not happen overnight, though. Xolaris has not commented on how much hashpower they will bring online.
Do you think Xolaris is making a mistake or can Bitcoin mining become profitable again? Let us know in the comments below.
Celtics Vs. Hawks Live Stream: Watch NBA Game Online
Friday December 14, 2018
Will the Boston Celtics keep the good times rolling Friday night at TD Garden? The C’s have won seven games in a row after starting the season 10-10. Boston has feasted on lesser teams during the course of its winning streak, and Friday should be no different when the 6-21 Atlanta Hawks take the parquet […]
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