Miner One is on track to become the world’s most profitable mining operation after a successful pre-ICO and consequently achieving a soft cap of 3,000 ETH. The process is now fully underway in Luleå, Sweden. In Luleå, the operation is combining the most advanced mining equipment with ultra-low electricity costs.
The location of the site itself is a benefit. Just 113 km south of the Arctic Circle, the freezing cold air from the surrounding environment will be pumped into the data centres and act as a natural coolant. It is no surprise then that tech giants like Facebook and Hydro 66 have locations just up the road. Miner One will hope to share best practices with these industry behemoths.
It has become apparent to those who have tried their hand at mining that it is not easy to sustain a profitable Bitcoin mining operation any more. This is because to make money people need to have premium equipment at extremely low prices as well as low electricity costs, the lowest in Europe. The hardware needs continual updates as well as onsite maintenance.
The Bitcoin network was designed to ensure that mining was done as efficiently as possible, and that those who worked in this way would reap the benefits. In the past, miners were able to make money from systems set up in their own homes. Looking towards the future, that will no longer be possible.
That is where Miner One will seek to take advantage. Pranas Slusnys, the CEO of the operation, has over two decades of experience in IT&T business and data centre construction. He has also held management roles in Atlax, Delfi and the MicroLink Group. Miner One’s undertaking is run by an expert management team being lead by Slusnys on behalf of the Miner One community.
Members of the community have contributed to building the mining centres and sharing their output through smart contracts that operate on Ethereum’s blockchain technology. The management team will also install top-grade security measures to protect the Miner One community’s investment. Miner One has ensured that every member of the community will automatically receive access to regular and transparent accounts and reports on all costs and output, proving transparency is key. With such measures and resources in place, Slusnys and his team hope their project will help everyone to profit.