Genesis Mining Shows Life Inside a Bitcoin Mining Farm in Iceland

One of the largest cloud  bitcoin mining providers, Genesis Mining, has launched a 24-hour live stream from inside a mining facility located in Iceland. The mine is equipped with powerful computers that are needed to process transactions in digital currency.

Genesis Mining CEO Marco Streng told New York Post that the mine generates over 35 bitcoin per day, thus getting over $8,200 daily. Currently, its mines are based in a secret place in Iceland, the country which offers such benefits as good internet connection, cheap energy and low temperatures.

Cold weather is very important for mining as it allows companies to save costs on cooling the hardware. Low energy prices in Iceland also enable companies to save money as the mining implies consumption of huge amounts of electricity. Streng says Genesis Mining may be one of the largest users of power in the country.

Mining is quite a lucrative process that generates new bitcoins. By processing transactions in the cryptocurrency network, the miners are rewarded with new digital currency.

Today, there are lots of new mining companies entering the industry. These firms install big data centres that consume huge amounts of power and carry out complex calculations in order to create new bitcoins.

With the live-streaming video, the company expects to improve its position as a legitimate mining firm in a sector that is often affected by frauds. “There is a lot of fraud in this market,” Streng said. “Our highest priority to provide transparency to our users.”

Last year, such cloud mining services as Hashie.co and Bitcoin Cloud Services, which allegedly stole the users’ cryptocurrency, were proved to be fake. Some scam websites even upload photos of mining facilities that don’t really exist. Many of them use Ponzi schemes, which stipulate the use of later customers’ funds to pay earlier clients.

Genesis Mining believes that

Originally appeared at: http://www.coinspeaker.com/2015/08/22/life-inside-of-a-bitcoin-mining-farm-in-iceland-11676/