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Note from Editors:
Learn about Genesis Mining, a cloud mining company that provides clients the use of their specialized hardware to for bitcoins. Its Iceland mining facility offers inexpensive energy, quality Internet connections and a cool climate. CEO Marco Streng says one costs about $60 to mine today, and one bitcoin is worth $235. Find out how to mine for a bitcoin.


by Rob Price

Mining is the backbone of bitcoin.

It’s the process that creates new bitcoin: For contributing computing power to process transactions on the bitcoin network, “miners” are rewarded with a portion of the currency.

This payout makes the entire process — with the right equipment — incredibly lucrative. It has helped spawned a huge and surreal industry.

You can mine at home, and many people do. But companies dedicated to mining have also sprung up, some worth tens of millions of dollars.

These companies build huge data centres, or “mines,” that consume vast amounts of power and perform insane computations on the hunt for digital gold.

Here’s a look inside one.

These photos are from Genesis Mining, a cloud mining company. It lets customers mine using their “cloud,” without having to buy specialised hardware.


Here’s their website.

It’s technically possible to mine on just about any computer, but it’s not profitable to do so unless you have the right kit. Many people do mine themselves, often joining large pools to improve their odds. But Genesis’ model is another option.



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Curated from Bitcoin mine in Iceland: photos – Business Insider


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