Inside of a secret Bitcoin mining in China

11151003_488756287939716_896918835631526363_n

A look at a secret Bitcoin mine in China, Guo Chandler, a businessman and investor Chinese, has one of the largest farms Bitcoin mining worldwide. Located in Beijing

In his Twitter account @ChandlerGuo  which maintains updated for some time, you can see the fans who share in give lectures and conferences about Bitcoin.

The owners don’t want to broadcast their specific location, because while the Chinese government is neither officially pro or against bitcoin, the huge amount of money flowing from these mines is outside state control. The location is secret and guests are under the strict condition onsite with the miners.

Mining BTC Guo1

The number of miners who owns this farm Bitcoin gives about $8 million profit in digital currency per year, by solving complicated mathematical algorithms. Mobile phone signals frequently disappear around the mountains and valleys that surround the township. But high speed wi-fi makes video calls and chat apps the main mode of communication in this place.

Mining BTC Guo2

Chandler Guo, with 30-year-old and the owner of Bitbank, and a bitcoin entrepreneur. He has transformed this sleepy town into a hidden bitcoin economy. His family ran a beef farm, became rich and he decided to invest in bitcoin. Based on the current exchange rate, one Bitcoin (BTC) is worth approximately $450.

“All day we mine 50 bitcoins, 24 hours, this machine never sleeps.” says Guo. 

Guo has built two fully functioning mines in China and is building what he claims will be the largest bitcoin mine in the world, once complete, of producing more than 30% of all bitcoin globally. He started his operation only two years ago, and mines like his have boomed ever since.

CKvTCjiUYAAUOyn

Here Chandle Guo with part of team BitBank

But there is competition. Much of the Chinese population is already using online currency such as Alipay or the WeChat wallet. The Chinese government has also recently announced its interest in developing an official digital currency.  

China’s dominance of mining means that the majority of bitcoin transactions are verified in China, but that the slower internet connections used there are hampering the flow of the currency, which could prevent its popularity growing.

“For me it is a kind of freedom. Everyone and anyone can use it anywhere. It doesn’t belong to just one country. It’s already crossing borders. It belongs to everybody,” says Guo.

Mining BTC Guo3

A video 360° inside the Chinese Bitcoin Mine

 

SourceBBC@ChandlerGuo | BitBank

 

Disclaimer: InfoCoin is not affiliated with any of the companies mentioned in this article and is not responsible for their products and / or services. This press release is for informational purposes information does not constitute investment advice or an offer to invest.

You may also like...

Leave a Reply

Your email address will not be published. Required fields are marked *