Are you curious what inside the vast Bitcoin Iceland digging plant looks like?

Digital currencies are reaching the highest value of all time, with a coin that will cost more than $ 2,197. The tremendous growth race has been accelerated in recent months: A year ago, it only cost $ 443. This is great news for those who dig bitcoin who are responsible for creating new bitcoin. And that is why the WannaCry hackers want to ransom files in bitcoin.

To dig bitcoin, infrastructure is almost a backbone. Anyone who contributes computer resources to help handle online transactions is rewarded with the opportunity to dig bitcoin. By keeping the network connection stable, they will receive a small portion of the newly created bitcoin. 1 bitcoin is more than 2,000 USD, part of bitcoin is also worth noting. This payment makes the whole process of digging bitcoins a big lucrative process, thereby creating a new, gigantic and quirky industry.

You can dig bitcoin at home or work with many people. But now, there are many companies that have been involved in this area, becoming a company specializing in digging bitcoin, some of which are worth tens of millions of dollars.

These companies have built huge data centers or bitcoin mines, they consume a large amount of electricity and perform crazy calculations to hunt for digital gold coins.

This is what happens inside the Bitcoin digging factory and you will also understand part of why not everyone can dig Bitcoin.

1. Better understand Bitcoin. Why Bitcoin is not "virtual money"

These photos are from Genesis Mining, a Bitcoin digging company in the cloud. It allows customers to use the company's "cloud", without buying specialized hardware. This is the company's website: https://www.genesis-mining.com/

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Technically, digging bitcoin can be done on any computer, but it is not beneficial to do so unless you have the right toolkit. Many people dig bitcoin themselves, often involved in large systems to improve the rate of digging bitcoin. But the Genesis model is another option.

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Initially the company dug bitcoin in Bosnia and China, but now most of the company's operations are carried out at its Iceland headquarters.

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The country boasts three important strengths for digging bitcoin as cheap energy, good Internet connectivity and a cold climate.

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The climate is extremely important. Hardware when digging bitcoin produces a tremendous amount of heat and uses a large amount of energy. If you can save cooling costs with natural temperatures, you can earn more.

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Even so, Genesis still consumes a large amount of electricity. CEO Marco Streng said that energy companies "allow us to fly helicopters whenever we arrive" and think that Genesis might be one of the country's largest electricity users. .

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Suppose you can solve the power problem and ignore all other costs - Streng said that to dig a bitcoin costs about US $ 260. A bitcoin is currently worth $ 2,197.

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But there are many other costs, including hardware, production costs and personnel. "Right now the profit is 20% higher, but this 20% is calculated in the long term because no one knows what the future will be and when buying hardware we cannot predict the sudden increase in Bitcoin. and other currencies as we are seeing now, 'said Streng.

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Streng believes that digging bitcoin on the cloud is somewhat more reliable, because customers never really see or own the hardware used to dig bitcoin, thereby reducing the risk of fraud.

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Ponzi plans can be made, by the culprit will use the money of the customer to join later to pay for the customer earlier while keeping much for themselves. "They don't even own bitcoin digging facilities, they just take pictures from other companies, Photoshop, and pretend to be theirs."

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Genesis is not just digging a bitcoin. It also digs Ethereum - another digital currency that can support decentralized apps and "smart contracts" that can be automated.

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Ethereum's price is now $ 160.

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This is another image of Genesis's bitcoin digging activity. More than 10,000 GPUs dig bitcoin in one room.

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So what are the working conditions when digging bitcoin? Speaking in a promotional video, technical director Stefan Schindler was outspoken: "Working in a bitcoin digging room is extremely terrible."

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"You are often surrounded by screaming machines all day," Stefan Schindler said. "It's like you're listening to jets taking off and landing without stopping." Heat is also an unpleasant factor - plant parts are always at 40 to 50 degrees Celsius.

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Below is the video Genesis set up a new bitcoin digging facility in Iceland. The company has dozens of full-time employees, including electrical and Internet experts, and the company will need more workers when setting up new facilities.

Now you probably know that digging Bitcoin is not easy, right?