IN 2019, MONGOLIA WILL LAUNCH 1000 NEW MINERS

Participants of the mining industry in Mongolia plan to significantly expand the scope of their activities, local media reported on January 11, citing a statement by the Director of one of the largest mining companies in the country.

Mining activity continues to develop actively in the East Asian country, famous for its cheap electricity, despite the bearish sentiment in the cryptocurrency market.

The company Ginco was originally opened in Japan, where the organization launched cryptocurrency wallet services, but later the company launched two large mining facilities in the capital of Mongolia, Ulaanbaatar.

After a sharp drop in the bitcoin exchange rate at the end of 2018, miners around the world felt significant difficulties in the work, affecting the profitability of the cryptocurrency mining business. But since then, these problems have been successfully corrected by lowering the computational complexity in the Bitcoin network.

In light of recent events, Ginco has announced plans to increase the number of mining equipment units at its facilities from 600 to 1600 units by the end of this year.