Mohamed El-Masri said: 'Just as the internet runs on data centre facilities consuming 2% of the world’s on-grid power, Bitcoin will continue to require mining “data centre” facilities.'
, a further drop in the price of the top crypto is unlikely to have much impact on the company’s long-term plans. According to the founder and CEO of the Canada-based cryptocurrency mining firm, Mohamed El-Masri, the fundamental value behind bitcoin is what motivates them. El-Masri also explained to Bitcoin.com News via email that the short-term price volatility of the crypto asset and the accompanying media headlines alone cannot cause Permian Chain to change course.
A sub-$20,000 bitcoin price will definitely not provide the outstanding returns that bitcoin miners experience above $45,000. However, most industrial bitcoin miners are running new generation and highly efficient ASIC equipment, where they can still remain profitable, assuming they can maintain power costs within $0.05/kWh and $0.10/kWh. Smaller miners that don’t have economies of scale and low-cost energy sources are mining below their break-even point for sure.
BCN: If prices were to go down even further, will it still be profitable for Permian Chain to continue mining?It all depends on what you view to be profitable. If we are talking about a dollar value to assess profitability, then probably not. However if we look at profitability in terms of bitcoin, then yes. In my personal opinion, the fundamental value is not in line with bitcoin’s market price. Fundamentals take time to become obvious to the masses.
BCN: Permian Chain uses what you call low-cost energy which is derived from flared and stranded energy resources for its data-mining centres. Can you explain why Permian Chain has chosen to use this energy source?Permian Chain is an energy-as-a-service platform for compute infrastructure, starting with bitcoin mining.
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