(Nur-Sultan, Kazakhstan) August 4, 2020
Powerry, the largest cryptocurrency miner in Kazakhstan with 100 MW of capacity has announced plans to expand their operation with a $20 million order of additional crypto mining hardware.The new equipment will be provided by Bitmain and MicroBt, industry leaders in crypto mining hardware with an established reputation for developing cutting edge hardware that maximizes the efficiency of mining operations.
The news follows rapid changes taking place within the crypto mining industry where smaller, less innovative miners have been forced to cease operating due to a lack of profitability. “As a result of the Bitcoin block halving that took place on May 11, 2020, the block reward (which is about 95% of a miner’s total income) was halved. In order to stay ahead on the market, miners must promptly update their equipment fleet. The most popular machines until 2020 – S9 ceased to be profitable for miners from almost any region, including regions with low energy costs, such as China” said Rashit Makhat, co-founder of Powerry.
Powerry began replacing out of date mining hardware last year and plans to have the new equipment installed and operational by the end of August. Dr. Marco Krohn, co-founder of Powerry said “We are incredibly excited about the progress being made and look forward to continuing our aggressive expansion in the region. We plan to increase the capacity to 300 MW by 2021“.
The new farms will be powered by HEXA — the enterprise crypto mining farm software that was announced last week by Genesis Mining, the most experienced crypto mining company in the world with 7 years of experience in cryptocurrency mining. Powerry is one of the most influential tech companies in Kazakhstan, leading the way as the company continues to develop their reputation as an emerging technology hub. “We’re incredibly excited with the continued progress Kazakhstan is making as a nation and look forward to playing a key role in transforming the country into a hub known for innovation, technology, and entrepreneurship”, said Rashit Makhat.
Powerry is one of the largest operators involved in the construction and management of data centers in Kazakhstan. Powerry provides data processing services; the company’s activities include the development of products based on artificial intelligence, high-performance computing, as well as tools for managing digital assets. The company owns four data centers in Kazakhstan. Powerry has over 200 employees; their offices are located in Moscow and Nur-Sultan.