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Cryptocurrencies

Mongolia emerges as crypto mining hub

Cheap electricity and cold weather provide ideal environment

Mongolian information tech company iTools operates a nonstop crypto mining center in the city of Darkhan. (Photo by Shuichiro Sese)

TOKYO -- Mongolia has become a cryptocurrency mining hub as companies reeling from the 2018 bitcoin crash find opportunities in a country that offers favorable conditions of cheap electricity and cold weather.

At an underground structure at a condominium complex in the capital city of Ulaanbaatar, a shelf full of crypto mining equipment was recently seen growling as it engaged in constant computing of virtual currency transactions to generate profit.

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