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Europe’s leading miners exchange ideas about local industry

May 10, 2020

A report by the non-profit research institute dGen found that European crypto miners believe this Higher electricity prices in the region compared to China and Russia are offset by political stability, robust regulation and strong protection.

The study also found that Many European miners feel ready to cut the block reward in halfor Halving Bitcoin (BTC), emphasizing that higher electricity prices have forced many miners to invest in highly efficient technologies.

Strict regulation offsets expensive electricity in Europe

Thomas Heller, Chief Commercial Officer of F2Pool Global, explained this “Higher electricity prices are offset by easier negotiations, better regulation and more protection,” and added that miners in the region get “even things like getting insurance.”

Europe’s leading miners exchange ideas about local industryEurope’s leading miners exchange ideas about local industry

Poolin’s vice president, Alejandro De La Torre, shared Heller’s position. He claimed that the benefits of “A stable government, clear or non-threatening regulation and a high degree of ease in opening companies” offer European miners many advantages and savings.

Philip Salter, operations manager at Genesis Mining, agreed and said:

“Political stability reduces risk, and most of the electricity from renewable sources ultimately makes it the best option (also known as the cheapest).”

However, Denis Rusinovich of the GmbH stated that the United States offers miners greater financial services options compared to Europe:

“The biggest challenge for miners in Europe is the poor local development of the ecosystem in contrast to the United States, where miners are efficiently developing trade, banking, structured products and, above all, financing options for Europe.”

European miners are preparing to cut in half

When asked about the region’s prospects of coping with the upcoming halving, F2Pool’s deputy stated that heEuropean miners are in a unique position to manage the halving by the need to invest in efficient technologies.

“Mining companies in Europe have higher electricity costs on average, so they tend to be updated quickly, use more efficient firmware, and generally have data centers that are better designed to take advantage of the local climate,” he added.

Rusinovich describes the halving as “a predefined triggering event” and argues that miners around the world have prepared for it “.Get cheaper electricity, buy new, more efficient hardware, and fund the next risk. “

Genesis Mining’s Salter predicted that halving would have the same effect on all miners regardless of the jurisdiction in which they are located.

“Operating costs will be higher than before, so miners using cheap renewable energy sources will be ahead!”

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