Crypto Miners Are Coming to Replace Gold Miners in Swiss Alps

The crypto mania currently sweeping through the world is attracting Bitcoin miners to Switzerland for low cost electricity

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Mining has always been a great industry, and the gold rush attracted lots of miners to the mountains in the US, Alps, etc. 

However, now some these regions are attracting miners of a different types – those wishing to get some crypto.

Wired reports that currently Switzerland, the world’s crypto hub, has also become an Eldorado for crypto miners who are seduced by cheap hydroelectricity rates and the low temperature existing thanks to the cold mountain climate in the Alps.

17th century gold mines converted by crypto maniacs

These days, a Gondo village in the Alps which used to be a gold mining point of Kaspar Stockalper back in the 17th century now attracts crypto miners. 

The gold mines were shut down at the end of the 1800s and since then the town has been in a decline.

However, now there are about 50 people living here full time. They came here several years ago with lots of mining equipment to take advantage of the local low temperatures (hallelujah for a mountain climate, ‘cool’ in all respects) and the local low rates on hydroelectric power.

The first who came to Gondo was Alpine Tech company. They brought nearly a thousand GPUs to ‘mint’ crypto, including Bitcoin and Ethereum, the two major coins on the top of the CoinMarketCap list.

Now, Alpine Tech has got branches all over Europe.

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Yuri Molchan

Yuri entered the crypto sphere at the BTC price peak in 2017, quickly turning into a crypto enthusiast. He has written for several media, covering everything from TA to ICOs and crypto regulations. Presently is a news writer, working with crypto and blockchain-related topics.