Media Granted Access to Bitmain’s Mongolian Bitcoin Mines

Bitcoin mining is a very competitive industry and China’s biggest data centers are leading the way. Most mining centers around the world keep operations private and are usually found in very remote regions. Reporters were allowed to record and photograph the Bitmain mine in the SanShangLiang industrial park located in the heart of Inner Mongolia. Both Bloomberg journalist Tom Mackenzie and Quartzphotographer Aurelien Foucault were granted access to Bitmain’s mine filled with 25,000 machines humming away processing millions of dollars worth of bitcoin.

This particular Bitmain mine employs about fifty people and generates about a quarter of a million dollars a day worth of bitcoin. Most of the employees are local residents of the region called, Ordos, which used to be a coal mining town located just outside the Yellow River of Hukou Falls. Most of the staff live in a dormitory located in one of the warehouses, because machines are operating 24-7 and need constant monitoring and maintenance. Further, as well as mining bitcoin, one of the warehouses at Bitmain’s site is filled with mining rigs dedicated solely to mining litecoin. According to Bitmain, the mine spends about $39,000 daily on electrical costs and mining revenue brings in roughly $250,000 worth of bitcoins a day.   

While walking around the Bitmain warehouse, Mackenzie says many of the fresh new bitcoins derived from the mine ends up being traded on one of China’s cryptocurrency exchanges. Bitmain tells Bloomberg it has over 20,000 customers. The company’s valuation is in the billions and the company is preparing for a possible IPO. The company explains it’s also spending over 200 million to expand operations in the U.S. Creating a mine in China is relatively inexpensive Bitmain’s CEO Jihan Wu tells Mackenzie.

Full story at http://bit.ly/2wzaka1

Source: Bitcoin News

 

 

 

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