Why decentralized colocation is in a miner’s best interest
The recent flood in Sichuan serves as a reminder as to why bitcoin mining was meant to be decentralized, even for mining colocation. The going concern among miners tends to be control becoming consolidated in too few hands, which could lead to potential issues with blockchain integrity. This shows that there’s also risk in centralization of miners clustered in close proximity exposed to run of the mill catastrophe risk. If too much of the hash rate went down at the same time, the blockchain might be susceptible (or at least more vulnerable) to 51% attacks.
The hash rate dropped nearly 30% due to the disaster in what was formerly known as the bitcoin mining capital. Individual miner profitability for those not wiped out in the flood is poised to rise substantially as the difficulty is slated to reset. That, and as anyone mining in December can recall, coupled with a precipitous rise in cryptocurrency prices from, say, institutional demand, would make mining even more profitable.
Perhaps Sichaun is an extreme example, but every area has its disasters – both real and man-made. Hurricanes, typhoons, earthquakes, large thunderstorms, and even inclement weather can knock power out for a few days. It’s not practical to mine using back-up generators or everyone would do it. That’s why we believe that diversifying your miners across various geographic locations can help reduce the idiosyncratic risks of proverbially putting all your eggs in one basket.
To support this, it requires standardizing the spaces. You have to ensure that no matter where a miner is colocated, it always gets the same privileges and comes with the same perks.
What you get when you choose the Miners’ Union for colocation:
- Access to a 208-240v power source in a climate controlled location.
- Insurance for replacement value of your miner.
- Redundant internet connection with automated failover.
- VPN access, so you can access your miners remotely.
- Coverage by our automated miner management software to optimize uptime and diagnose issues.
- On-site repair staff following an identical procedure, no matter the location.
- Loaner miners if undergoing repairs (*subject to availability)
Colocate with the Miners Union
Over 30% of the bitcoin hash rate was just wiped out due to water damage. The Miners’ Union has plenty of new shelf space distributed across our mines. Now is a great time to start mining – colocate with us today!
Our rate is $160/mo per miner and is all inclusive of all of the amenities above. Note that many facilities will advertise the electric rate and not include all of the other incremental costs, whereas our final bill each month will be $160/miner which can be paid in USD or cryptocurrency if you prefer.
We do offer discounts for larger customers and for longer term contracts.
We Welcome New Miners
If you’re just looking to get started, we usually have miners available for purchase. We’ll typically match the price on Bitmain’s website with signing of a 6 month colocation agreement.
Reach out to us today to purchase a miner prepped for colocation and start mining in minutes with a guaranteed spot on the shelf! No risk of delivery errors, timelines, or mishaps with same-day first deposit.
Have Access to Power? Become a Miners’ Union Provider.
Do you have a facility with access to a few megawatts of power? Are you looking for a way to revitalize that space into a property that generates cashflows? You might be a good candidate to become a bitcoin mine.
Reach out to the Miners’ Union today to learn how you we can help you convert your property into a mine.