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.

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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


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