Why tech service providers hold the key to cryptocurrency profit.
Just five years ago, the price of a Bitcoin was a mere $13 – today, at the end of November 2017, the cryptocurrency hit a dramatic new high of $10,000. Fortunes have been made, media interest has risen alongside its value and the world is wondering whether this new high is a true peak. It’s now an annual event for experts to predict the next bubble and when it will burst, and this is all for a virtual currency that you never hold in your hand or put in your pocket.
Amid the hype and uncertainty, one thing that the growth of digital currencies has illustrated very clearly is the crazy pace of change in the emerging digital economy. As the cryptocurrency market grows, it is creating enormous demand for the computing resources needed to carry out Bitcoin mining, and for technology to support the services of growing cryptocurrency businesses. Organisations investing professionally in Bitcoin and other cryptocurrencies need access to high performance, efficient and secure computing processing technology to maximise their income.
Like any tech trend experiencing meteoric growth, rapid change puts pressure on supporting technology and brings weaknesses and failures into sharp focus. System failures, downtime or security breaches can have a direct financial impact, and inefficient, power hungry infrastructure is an unwelcome drain on profits.
Technology providers need to demonstrate both technical capabilities and a clear understanding of the challenges they face. Infrastructure in general and finding the right colocation facilities in particular are becoming much more important to Bitcoin professionals. So, when considering a colocation partner, key capabilities to look for include:
- Power and environment – does the facility offer the best available power management and environmental controls to protect valuable hardware while controlling costs?
- Experience and expertise – does your colocation partner have experience in working with cryptocurrency professionals, and can they offer tailored advice and solutions?
- Security – what physical and data security capabilities does the provider offer, and does that fit your specific needs?
Delivering the best computing infrastructure is central to this hugely exciting part of our digital future. To read more about our high performance, Tier III data centres and colocation services, click here.