The world is embracing a new form of digital money–cryptocurrency. In a country ranking based on “The Chainalysis 2020 Geography of Cryptocurrency Report”, illustrated by Triple A, India currently holds the top spot for cryptocurrency ownership with an estimated amount of 100 million, followed by the USA and Nigeria with 27 million and 13 million ownership, respectively.
Meanwhile, in Asia, the Philippines is seen as one of the world’s fastest adopters of cryptocurrency, with over 4.3 million people investing in cryptocurrency, translating to about four percent of the country’s total population.
During the pandemic, the popularity of bitcoin is seen as an investment and income-generating currency by the Filipinos. This trend was also bolstered by adopting various remittance companies, viral play-to-earn games, and intensification in regulatory certainties as the Philippines adopts a regulatory framework for crypto.
Banko Sentral ng Pilipinas (BSP) has also opened up channels with 17 virtual currency exchanges that are industry compliant. The central bank’s data confirms that the volume of cryptocurrency transactions grew 362 percent year on year to nearly 20 million in the first half of 2021.
The challenge in the cryptocurrency rig
While more and more Filipinos are becoming optimistic about cryptocurrency, some setbacks hinder the country from thoroughly drilling into crypto mining. Aside from safety and accessibility concerns, one major issue is the rampant power outages.
People have gotten used to brownouts. However, power vulnerability is a letdown for crypto miners. Without access to the Internet, a single day can cost crypto exchanges, miners, and traders millions.
If you are a bitcoin miner, you will need to build the proper hardware, especially since you will be mining 24/7. It would help if you had quality personal computers, servers, and other electronic devices. So, protecting each of the components of your hard-earned gaming rig is integral, significantly since building it may cost you a lot—this is where an Uninterruptible Power Supply (UPS) device comes in.
“Crypto miners must have a UPS device that protects against power interruption and provides adequate power during short and long-term outages, enabling them to work efficiently,” said Jason Lim, country manager of Vertiv Philippines.
With the help of a UPS device, you will also get to protect all the components of your crypto mining rig components, such as several computer components, peripherals, operating systems, and mining software, among others. A sudden power interruption can also wreck one’s progress in crypto mining.
“To put it simply, a UPS serves as an added lifeline. It’s a device that can save your PC and other peripherals and accessories that make up your crypto mining rig from sudden power loss and fluctuations, both the hardware and software components,” added Lim.
Protect your investments with Vertiv
The good thing is that Vertiv, a global provider of critical digital infrastructure and continuity solutions, offers Vertiv Liebert® GXT MT+. It is a high-performing and reliable UPS, which features best-in-class power protection for critical applications using online double conversion technology.
The sleek and compact power design boasts comprehensive specifications to provide higher care to your IT equipment.
The Liebert® GXT MT+ passes the safety criteria and electromagnetic compatibility standards while offering intelligent monitoring and network management functions. It provides an ultra-wide input voltage range. Running time capabilities can be extended by building up additional battery resources. It also has a high input power factor, low THDi, and zero transfer time.
With this powerful UPS, you can now create and safeguard your crypto rig and efficiently mine and earn bitcoin.
To learn more about how Vertiv supports the continuity of today’s vital business, visit Vertiv.com.