Mongolia is known for its cheap electricity, and it is not surprising that mining companies choose this country for cryptocurrency mining. Thus, the Japanese company Ginco Mongol plans to significantly expand its mining capacity in Mongolia — at least 1000 new miners will be launched this year. At present, two mining sites of the Ginco company are located in the country's capital, Ulaanbaatar, which use 600 devices for cryptocurrency mining, but by the end of the year their number will be increased to 1600. And despite the decline in profitability in the mining industry, Ginco Mongol's CEO Yuma Furubayashi noted: "Doing business is becoming increasingly difficult, but we can still turn a profit."
In addition to expanding mining capacity, the company plans to launch related services, for example, the repair of ASIC miners. Notably, the launch of Ginco Mongol's mining sites in Mongolia took place quite recently — in October of last year. And the choice of this country as a site for cryptocurrency mining is not accidental — at present the mining industry in Mongolia is not regulated in any way and is in a "gray" zone for the country's legislation, and on top of that Mongolia has cheap electricity.
It is worth noting that cheap electricity is one of the key resources for hosting mining sites. Thus, the government of Paraguay and the South Korean organization Commons Foundation signed a bilateral agreement on the construction of the largest mining center in the world. The contract stipulates the opening of five mining centers with a total area of approximately 50,000 square meters, as well as stable electricity prices for 15 years. The location was chosen for a reason — the large Itaipu hydroelectric power plant is located nearby.
