Is it really surprising that cryptocurrency mining in Japan is taking off? Probably not. A nation that is known for its modernity, quirks and its strange ways of doing things is definitely not going to be left on the shelf in regards to cryptocurrency. Japan has now positioned itself as one of the largest crypto hubs in the world, and one of the fastest growing trends across the industry has been crypto mining.
As recent news across the crypto world has been very favorable to China and Korea’s exploits in the far-eastern crypto scene, Japan is not going to be left behind. Cryptocurrency mining in Japan is taking off, and not just for Bitcoin, as Altcoins are also becoming very appealing for the nation’s miners.
Cryptocurrency mining in Japan
One of the major parts and issues of crypto mining is how much electricity costs can affect your overall profits, and that is no different in Japan, which can sometimes have a reputation for high living costs. There are a few regions emerging across Japan that have access to cheap electricity, which is currently being leveraged by the nation’s crypto miners, although it is believed that the local energy providers will crack down soon because this model is becoming very popular.
However, until local energy providers crack down, Japan is seeing a vast influx of operations that are boosting the local crypto industry. Fukui, which is located on the Sea of Japan (also known as East Sea and East Sea of Korea), is one such location where crypto mining is very viable. In that region, there is at least one mining company, known as Alt Design, which has around 500 ASIC units and GPU mining boards.
Because of the cheap electricity costs in Fukui, Alt Design has been thriving and has now been in operation for one year. Cryptocurrency mining in Japan is now becoming a viable option, and as Alt Design’s initial investment has already been recouped by its profits over the past year, it is an interesting time for mining in Japan.
The main focus for cryptocurrency mining in Japan has been Bitcoin and Ethereum, however, other currencies are now being explored, and soon, Alt Design expects to be at the forefront of the changes.
Creating local jobs through crypto mining
This new mining explosion has also helped to create jobs in the region, with the impact of Alt Design and other new mining companies that are ready to launch.
The word around the campfire is that not only does Alt Design have ten new employees on the payroll, but is also offsetting the costs it has gained by mining Ethereum, with the company mining around 200 ether on a monthly basis. It has recently struck a deal of up to 2,000 KW of electricity and is expected to expand its operation in the coming weeks and months.
One of the major factors limiting cryptocurrency mining in Japan was always the high electricity prices, but as regions such as Fukui start to emerge, the Japanese mining industry is ready to take off.
I am very experienced writer/blogger who has been an active member of the cryptocurrency community for several years. I have experience writing for crypto news sites and proactively been involved in the startup of other ICO and crypto ventures over the course of the past four years.