Documentary on Chinese Biggest & Secret Bitcoin Mine [Video]

10:35:00 AM

Last October, Motherboard gained access to a massive, secretive Bitcoin mine housed within a repurposed factory in the Liaoning Province in rural northeast China.

The mine they visited is just one of six sites owned by a secretive group of four people, part of a colossal mining operation that, as of our visit, cumulatively generated 4,050 bitcoins a month, equivalent to a monthly gross of $1.5 million.

Despite its dystopian appearance, the group’s six mining farms encompass eight peta hashes per second of computing power, whose brute force, as of October, accounted for 3 percent of the entire Bitcoin network.

biggest-secret-chinese-bitcoin-mine-unhappyghost-ethical-hacker-security-expert-india
Biggest Secret Chinese Bitcoin Mine | UnhappyGhost - Ethical Hacker - Security Expert - India
If you've bought or sold or conducted any Bitcoin transaction recently, these are some of the folks you have to thank.

Strangely, the mine’s workers actually live inside the facility itself, returning home just four or five days a month.

In the summer months, temperatures inside are in excess of 100 degrees, and a persistent, deafening buzz is always present due to the dozens of industrial fans required to maintain a steady temperature for the site’s 3,000 ASIC miners—custom-built computers specifically built for mining bitcoins.

The access to the mine was granted under the strict condition that they wouldn't reveal the details of the operation’s ASIC miners nor who supplies them.

It should be noted too that a couple months is basically a lifetime in the cryptocurrency world, and, accordingly, Bitcoin’s price, difficulty, and hashrate has, unsurprisingly, fluctuated wildly in the months following the visit (the price was hovering around $375 a bitcoin at the time).

For the Bitcoin world, 2014 was a bit of a wild year: one that saw a pronounced uptick in Bitcoin’s mainstream acceptance from the likes of Microsoft, Dish​, and D​ell. There was even a BitPay-sponsored “Bitcoin Bowl” during the college football postseason.

And just last month, news broke that the first licensed US Bitcoin exchange was set to open, a huge milestone for the six-year-old cryptocurrency.

But despite its image in the press and purported ​unmasking o​f its creator, the real face of Bitcoin belongs to the people operating the mines. 

Watch the documentary



The source of this article and more details can be found here

#bitcoin #bitpay #bitcoinbowl # cryptocurrency #virtualcurrency #motherboard #transmissions #documentary

.

You Might Also Like

0 comments

Please choose to comment wisely, constructively, stay on the subject of the article, and respect the opinions of others. Commenting good or bad here may not impact the reputation of this blog but surely will show one of yours :)

If you have queries, issues, complaints, opinions or ideas especially if not related to this article, you are welcome to shoot them to us through Contact Page on this blog.

Contact Form

Name

Email *

Message *