Bitcoin mining is likely something that just about all of those involved with bitcoin have thought about doing, tried out or are doing at this exact moment. However, mining bitcoin at home can be quite a difficult experience considering the fact that doing it right doesn’t only require a massive electrical energy usage, but also the right hardware, thus making the process quite expensive.
However, there are a couple of firms in different areas from all around the world which have been mining bitcoin ever since it became popular. These actual mines are both very expensive to maintain, but are also kept hidden from the public eye, due to the large amount of bitcoin which is being mined.
Today, we will talk about a secret bitcoin mining site over in China, which is basically a piece of infrastructure that is responsible for keeping the decentralized network online at all times, while also bringing in quite a bit profit for its owners and operators. This particular mine is responsible for 3% of the world’s bitcoin network, which is quite a massive amount. Reports indicate that the mining sites which are owned by a secret group of 4 people are currently responsible for mining a total of 4050 bitcoins a month, which is equivalent to around $1 million at this moment in time.
Leaving aside the enormous numbers, you should also be aware of the fact that maintaining it can be quite a hassle as well. During the hot Chinese summer months, the temperature in it can go well over 100 degrees, which is controlled with the help of more than a dozen industrial-sized fans which are used to maintain a steady temperature in the site, as an effort to allow the 3000 ASIC miners, which are basically custom built computers, to mine bitcoin efficiently and consume as little electricity as possible.
What’s really interesting is what will happen in the case that the bitcoin value drops. Not only will the firm start losing a great amount of money, but the work done until now could end up being in vain. However, if the cryptocurrency’s value does increase, then chances are that this group of people will most likely become some of the richest in the world.
The enormity of the bitcoin mining market does spark up a couple of interesting questions, while also making us realize that there may be many more just like the Chinese farm that we’ve mentioned here. However, another interesting factor to think about is what will happen when the designated amount of 21 million bitcoins has been reached? In the case that more mines pop up, it may happen faster than we’ve anticipated, regardless of the fact that we’re half way across at this moment in time.
Based on everything that has been outlined so far, would you ever go on the venture of setting up an industrial-sized bitcoin mining site if you had the needed funds?