Now Cannon said the mining center in Piney Flats — the first of its kind in the region — is officially open for business to mine Ethereum, the second largest cryptocurrency behind Bitcoin.
“If you've looked at cryptocurrencies like Bitcoin and Ethereum, you know that mining is a great way to make money,” Cannon said Friday. “It has been described as the printing press of the cryptocurrency market. But until now, mining was a technical task available only to a few.
“Symply Data Centers buys mining rigs for you and configures those rigs to earn the most cryptocurrency possible,” Cannon added. “You own the rig and collect all the cryptocurrency directly. We get it set up for you, install it in one of our data centers and perform ongoing maintenance.”
Cannon said start-up costs include equipment costs, an engineering fee and additional monthly server management fees.
“Right now, the mining equipment costs are discounted $450 for a short time — prices fluctuate as do cryptocurrency prices,” Cannon said. “Currently, the equipment cost is $3,550 and our engineering fee is $2,500.
“Our model is unique for all mining operations anywhere in the world. We purchase the equipment for our customers, configure it, tune it and optimize the performance. But our customers own the equipment,” Cannon explained further. “Should the need arise, they can easily resell the equipment, and we are working on a hardware buyback program. Additionally, we never touch our customer's crypto revenue. It goes directly to their personal wallet.”
For those unfamiliar with Ethereum and cryptocurrency mining, Cannon said the process involves running computers connected to a decentralized worldwide network to validate the transactions recorded on the Ethereum Blockchain, a complete ledger of transactions using the cryptocurrency.
The operators of mining computers, called “nodes,” are rewarded for their work with Ether “coins.”
“Ether is earned according to a schedule by the computers who keep the ledger up to date. The process of updating the ledger and getting a reward is called ‘mining.’ This is how new Ether are distributed,” Cannon explained in March.
While the industry is new to many people in the region, Cannon said he is already expecting enthusiastic customers looking to cash-in on cryptocurrencies, which he believes will “fundamentally change the way the market works.”
“I recently signed up a reseller in Istanbul, Turkey. In the last five years, the Turkish Lira has lost 70 percent of its value. Converting Turkish Lira to cryptocurrency mining is a great way for the Turkish citizens to protect their savings,” Cannon said.
“And recently, I was contacted by a U.S. businessman working in Chile looking for international opportunities. With our next data center, we expect to be able to accommodate several hundred rigs.”
Cannon said he hopes to see the cryptocurrency industry gain more traction in the region in the coming years. In addition to getting the new company up and running, he continues to hold seminars throughout the region to teach people about cryptocurrencies.
“As we grow, we are planning additional data centers and will expand our service to host and manage private blockchain applications,” he said.
For more information on the new center, as well as more information on Cannon’s upcoming seminars, visit www.symplydatacenters.com or call 423-930-6541.