Gallery: Inside a Top Bitcoin Mine in China
The profile of the average bitcoin miner has changed dramatically over the course of the currency's short history. Once the pursuit of hobbyists with powerful CPUs (and later GPUs), mining is now a highly competitive business performed on an industrial scale. But what is life like inside one of these power guzzling giants? Blogger Bitsmith found out first-hand on a trip to a one of the world's biggest facilities at a mystery location in China. Check out the scenes he witnessed in the gallery below: As more mining firms pile in, bitcoin's network difficulty is soaring higher and higher.....
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Updated with additional photos from CoinDesk contributor Rui Ma. Inside Bitcoins Hong Kong took place this week in the Special Administrative Region of China that has so far proved to be one of the more permissive places in Asia for bitcoin entrepreneurs. Following the heavy media controversy generated by the ultimately successful Beijing-based Global Bitcoin Summit in May, Inside Bitcoins Hong Kong featured a number of influential speakers from China's bitcoin community, including Huobi CEO Leon Li, OKCoin CEO Star Xu and keynote speaker and BTC China CEO Bobby Lee. Though smaller in....
Imagine if you lived life as a one of the four Bitcoin enthusiasts and miners in Northern China. Your government isn't a big fan of an unsanctioned global currency like Bitcoin seeping into the Chinese market but isn't standing its way right now. They reserve the right to shut you down at any time. Internet access is extremely limited to the proletariat, but the more money you have, the more you can get. You and your government see visions for your economic future, and they couldn't be more divergent. You hold your economic freedom in your hand or your servers. Your government holds you in....
A detailed exploration of a bitcoin mine in Dalian, a major city in the north-east of mainland China, has been published by VICE's technology title Motherboard. The facility is called the No. 1 Bitcoin Mine. It contains 3,000 miners and costs $80,000 a month for 1,250 kW of electricity to keep them running, according to the film. It's located in the Changcheng area, in the waterfront Lushunkou district. The mine appears to be cooled by huge industrial fans mounted on the walls of the building. According to Motherboard, a "persistent, deafening buzz" emanates from the fans in the hot summer....
The Jonathan LeVine Gallery, a fine art gallery in New York City that already accepts bitcoin for online art purchases, has begun accepting Dash, a cryptocurrency formerly known as Darkcoin. The move builds on the establishment's reputation for being at the forefront of the cryptocurrency movement, so its clients have the best payment options available, according to Danielle Link, the gallery's spokesperson. "Accepting Dash will open us up to new markets, specifically to those who have cryptocurrency and are searching for places to spend it," Link told CCN. "It is also the wave of the....
China's version of eBay, dubbed TaoBao, has made a statement today indicating they plan to ban sales of cryptocurrencies like bitcoin and the any hardware used to mine them. The service cites recent developments in China's legal landscape surrounding bitcoin, and Taobao expresses its desire to remain in compliance with the rules set forth by the People's Republic of China. Banned sales items include: bitcoin, litecoin, quarkcoin, PPCoinm, namecoin, and just about any other digital currency you can think of. Of relation, any hardware and/or software used to mine bitcoin or other digital....