4U 💚

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The sound of water is soothing. The sound of water helping us mine Bitcoin is so much more soothing! Wouldn’t you say?

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What is happening in this picture? Wrong answers only.

write your version in the comments:

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We are collecting crypto stories from our community because it’s important for us to show: behind every nickname is a person with a unique experience of the blockchain world 💚

Today’s guest is the crypto blogger Umut. He’s here to share his story, support and inspire you!

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How does Minto manage to keep mining even in a bear market when it seems like the only reasonable course of action is to go offline and wait for better days? And what does the Bitcoin exchange rate have to do with it? Let’s find out.

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Typically, the Bitcoin rate affects two things.

First of all, electricity bills.

We mine Bitcoin, and in order to pay for electricity it needs to be converted into dollars. The lower the exchange rate, the more bitcoins we have to convert.

Let’s see how this works. For example, Minto’s miners consume 4072 USD worth of electricity daily. Meanwhile, they mine 0,3 BTC a day. Suppose the Bitcoin rate is 30 000 and 60 000 USD. Then the calculations will look like this:

BTC to USD rate: 30 000 USD
Electricity cost: 4072 USD
Electricity cost converted into BTC: 4072/30000 = 0.136 ВТС

Daily mining revenue: 0.3 BTC
Net profit: 0.3 – 0.136 = 0.164 ВТС

BTC to USD rate: 60 000
Electricity cost: 4072 USD
Electricity cost converted into BTC: 4072/60000 = 0.068 BTC

Daily mining revenue: 0.3 BTC
Net profit: 0.3 – 0.067 = 0.232 BTC

Cheap electricity is in fact what makes it possible for us to mine even in a bear market. Its cost is lower thanks to the location of our data center and the fact that we use a renewable energy source: a private hydroelectric station is operating in the area.

Secondly, the Bitcoin exchange rate affects the network difficulty level.

When the Bitcoin price drops, farmers with huge electricity bills switch off their equipment until better days, because the energy costs start to outweigh the revenue.

That way, mining becomes easier and network difficulty drops, which means the reward for bitcoins mined grows.

In the end, mining balances itself out as follows:

Bitcoin rate grows => more miners go online => you get fewer bitcoins, but their price is higher.

Bitcoin rate drops => miners go offline => you start mining more bitcoins at a lower price, which is how balance is achieved.

Minto allows you to take action and control your own income, rather than just stand by and watch the market change. Depending on what is happening with the exchange rate, you can sell or buy power to mine more Bitcoin.

There are repair shops at our data center. We use them to quickly fix our miners and put them back to work.

We used to have a single repair shop, but that proved to be inconvenient — miner maintenance took longer. So we built another two workshops. They helped speed up and consolidate the whole process.

First, all miners go into the sorting room. They’re being unpacked, cleaned and made ready to go into the tech shop, where our staff check their condition.

👍 If everything is in order, performance tests are run to see if every chip and plate is functioning and if any bugs or viruses exist. Miners that pass the check-up get serial numbers. Our technicians send them over to the racks and bring them into operation.

👎 If any faults are detected, the miners in question are sent to the third repair shop, where they are put in order, tested again and sent to the racks at the main facility.

Do you enjoy reading about our data-center and what goes on in it? React to this post!

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BZZZZZZZZ! Our buzzers say it’s meme time.

Leave your favorite memes in the comments, so the day after tomorrow we can pick the best one and reward the winner with 10 BTCMT tokens.

❗️Memes are accepted until 19 pm UTC this Friday.

Ready, set, hit send!

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Web 1.0, 2.0, and 3.0 — do you know the difference? How specific can you get? Take our quiz and test your knowledge.

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