Mining Farm Accounting & Profitability Analysis
Developed and maintained a system integrating mining pool data, BTC prices, and core banking, enabling profitability analysis by location, container, and machine, with advanced depreciation and capacity metrics.
"After almost 10 years of working with Globe as a strategic IT partner and after walking a lot of projects together and company changes, if I have to enclose Globe in words I would say that Accountability, Flexibility, Intelligence and Amazing Humans would be the right suit. Accountability to support you in every step of the way. Flexibility to adapt the ways to new winds. Intelligence to create solutions that fit your operation and business, to make everything easier and more useful. Amazing humans, with values and professionalism that walk with you in any turbulence and new innovative adventure. Many thanks for these years, Best, Alejandra"
Alejandra Olivera
General Manager | Microfin
ABOUT THE CLIENT
Microfin, a fintech company, partnered with global giant Theter to launch a large-scale Bitcoin mining operation in Uruguay. Starting with small-scale tests, the project expanded into a multi-location mining farm, optimizing efficiency and profitability through advanced financial and operational strategies.
ABOUT THE PROJECT
Industry
FINTECH/CRYPTO
Business Model
COST AND MATERIALS
Client Location
MONTEVIDEO, URUGUAY
Tech Stack
Project Duration
The initial phase was completed in three months, and the system was deployed into production. This was followed by an ongoing partnership for over three years, providing adaptive and corrective maintenance to ensure system optimization and long-term efficiency.
HIGHLIGHTS
REGULATORY-COMPLIANT ACCOUNTING FRAMEWOKR
Researched and implemented an accounting model aligned with international standards, ensuring compliance with the regulatory entity despite the lack of local guidelines.
SEAMLESS MINING DATA INTEGRATION
Developed connections with F2Pool, Ocean.xyz, and Binance to track mining performance and BTC market values in real time.
GRANULAR PROFITABILITY ANALYSIS
Enabled multi-level financial insights, from overall farm performance down to individual machine profitability, considering active usage, idle capacity, and depreciation.
CORE BANKING SYSTEM INTEGRATION
Designed a robust database structure interfacing with the client’s core banking system to streamline financial reporting and decision-making.
END-TO-END SYSTEM DEVELOPMENT & MAINTENANCE
Analyzed, built, and continuously maintained the system throughout its operation, ensuring data accuracy and adaptability to evolving business needs.
CLIENT GOALS
The client sought to ensure regulatory compliance, minimize operational risk, optimize efficiency, reduce costs and deployment time, and maintain system stability and security—all without modifying the core system and while seamlessly integrating with existing financial processes.
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Implement an accounting framework that aligns with international standards and meets regulatory expectations despite the absence of local guidelines.
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Develop a system that provides clear visibility into mining operations, tracking profitability at multiple levels, from locations and containers to individual machines.
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Seamlessly connect with mining pools (F2Pool, Ocean.xyz) and BTC market data (Binance) to ensure accurate financial reporting and real-time insights.
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Enable data-driven management by integrating financial analytics with the client’s core banking system, supporting strategic planning and operational efficiency.
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Account for machine depreciation, idle capacity, and obsolescence to optimize investment returns and ensure sustainable mining operations.
THE STRATEGY
Research & Compliance Alignment
Conducted an in-depth study of international accounting standards and interpretations to develop a compliant financial framework tailored to the mining industry.
Seamless Data Integration
Established direct connections with F2Pool, Ocean.xyz, and Binance to automate BTC valuation and mining performance tracking, ensuring accurate financial reporting.
Advanced Profitability Modeling
Designed a database and analytical accounting system capable of breaking down profitability by location, container, and individual mining machine, factoring in real-time depreciation and idle capacity costs.
Core Banking Integration
Built a robust interface with the client's core banking system to synchronize financial data, streamline reporting, and enhance decision-making capabilities.
Continuous System Optimization
Developed, deployed, and maintained the system throughout its operation, adapting to business needs and ensuring long-term sustainability.
SERVICES OFFERED
Regulatory & Accounting Compliance
Business Analysis & Process Optimization
Financial & Analytical Accounting System Development
THE OUTCOMES
The system deployment was a success, achieving seamless financial tracking and profitability analysis within three months. It enhanced financial transparency by providing granular insights into mining operations, automated real-time data integration with mining pools and market data sources, and ensured regulatory compliance through an internationally aligned accounting framework. Additionally, the system was continuously optimized over three years, maintaining efficiency and adaptability to evolving business needs.
Some of its key technical features include:
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Enhanced Financial Transparency
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Automated Data Integration
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Regulatory Compliance & Accounting Accuracy