Two Cryptocurrency Farms are Being Built in Dubai’s Al Quoz Industrial District
MONTREAL, QUEBEC , CANADA, January 28, 2022 /EINPresswire.com/ — Two cryptocurrency farms are being built in Dubai’s Al Quoz Industrial district with the intention of serving as mining colocation facilities for an online technology provider, Vipera LLC. The announcement was made early in January of 2022 after Vipera secured two separate locations to support the company’s goal of expanding its crypto mining operations and continue building upon available services that help to grow and expand the access of cryptocurrency to a wider audience in the GCC / Middle East region.
The two locations are set to be developed as mining colocation services for the cryptocurrency hardware industry catering only to customers in the region and exclusively offered to the patrons of the new Vipera showroom opening in Citywalk in Q2 2022.
What is mining colocation?
Colocation mining is the act of renting out mining power from a crypto farm that maintains and operates hardware on your behalf in their own facilities. This approach means clients have more flexible economic options and can avoid having to set up and run their own equipment, instead, clients rent or purchase hardware from a company that already has a farm in operation. Customers can purchase as much hashpower as they require based on their budget, or even purchase an entire miner and have it maintained by the farm’s operators to ensure maximum uptime coupled with a hassle-free experience.
Investors can be specific about hardware choices if they are looking for a custom farming contract, or simply choose from available miners that the company is already operating and maintaining. After initial costs for equipment, clients pay a monthly rental fee or premium on electricity usage, or sometimes both depending on the contract. Usually, terms are locked in for a minimum of 1 year.
In the crypto mining industry, energy is the most important facet in determining maximum return on investment. This is one of the reasons Vipera has decided to expand into the emirate of Dubai. The United Arab Emirates has some of the lowest electricity costs because of a complex grid propped up by a vast and growing solar energy industry, and special commercial and residential rates offered to Emirati nationals. This allows both Vipera and its clientele to maximise profits and reduce operational costs associated with energy expenditure.
Another benefit of a colocation service is expert guidance. With over 5 years of operating cryptocurrency farms across the globe, Vipera has built an expert team of dedicated professionals that ensure optimum efficiencies and limits downtime associated with hardware faults or defects that may arise. Setting up hardware, maintaining stable temperatures, mining the correct digital currency at the right time, dealing with technical issues and ensuring optimal return on investment is a full-time operation and most investors simply don’t have the time or experience required to do it correctly. These factors strengthen the practice of mining colocation services that has been steadily growing since 2018. It offers a fast and convenient way for ASIC and GPU rig customers to begin mining.
In November of 2021, Vipera announced a primary strategy in 2022 is to help bring cryptocurrency mining to the masses, specifically in the retail sector, offering solutions for investors to collectively break into the industry and take part in what is regarded as a revolutionary change in the global financial system. In a statement released on Friday from the company’s CEO Mr James Campagna, “The idea is to do what we can to press the reset button on a broken monetary policy that has severely crippled our younger generations from having the same opportunities to accumulate assets and wealth as their predecessors. We want to realise a world where a decentralised method of exchange is the status quo– making it more accessible and reducing the stigma and barriers of entry that people often run into when they attempt to enter this space.”
The two new farms in Dubai will host combined energy of 8.5 Megawatts, with site “A” offering 2.5 Megawatts at 6,500 square feet and site “B” offering 6 Megawatts at 37,000 square feet, representing a significant opportunity for those looking to invest. Vipera LLC is aiming to finish the development of these two new locations by Q3 2022, with the smaller farm being set up first and will additionally double up as a service centre and showcase that is open to the public. Solar and diesel power will compliment Emirati commercial rates for both sites as auxiliary solutions to keep costs down for colocation customers.