Cryptocurrency Mining Enters Into Rural Areas of Japan

Cryptocurrency mining is now entering the rural areas of Japan. Fukui, a city at the border of the sea coast of Japan Honshu island having a population of nearly 250,000 people. Now with cryptocurrency mining startup in the city, there are around 500 servers which are added by a startup to mine cryptocurrency.

According to Nikkei, Alt Design a startup based in Tokyo has been founded by a former employee of the Japanese bank and an Exchange. They have opened a mining facility in Fukui city due to electricity cost is very less in Fukui city this will help the startup to cut cost and gain high profit.

The startup is able to mine about 200 Ethereum per month. For the maintenance of the startup, there are about 10 workers who take care of the mining equipment.

“Industrial-use electricity is cheaper in Fukui than in Tokyo, and we can cheaply rent a large space that fits all our equipment,” said Shuhei Fujise, an Alt Design’s chief analyst.

Rural Areas Attracting Crypto Mining Companies.

This shows how rural areas and small towns are attracting cryptocurrency mining companies. This also helps to generate a lot of profit from the low cost of employment and electricity.

Fujise speaks confidently that the startup is going to survive in the rural city of Fukui. The business of the startup is to mine cryptocurrency for its customers. The firm takes some part of the mining profits as a commission to maintain their business.

All over the world companies are trying to get into the cryptocurrency mining industry. This is due to the high profits they would gain from the mining of cryptocurrency. Several employees who worked in financial firms have left it to come into the cryptocurrency industry. This might be one of the reasons why some of the financial institutions are starting cryptocurrency trading.

Whereas Alt Design is startup which is started by the employees who previously worked in financial sectors and now are working with cryptocurrency industry. Let’s hope this startup can help the rural people by creating jobs in the rural area.