We got a look inside a vast Icelandic bitcoin mine

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Bitcoin is surging right now. The digital currency is hitting highs not seen since February 2014, jumping by well over 30% in a month.

It’s great news for bitcoin miners, the people responsible for creating new bitcoins.

Mining infrastructure is the backbone of bitcoin. Anyone who contributes computing power to help process transactions on the network is rewarded with the chance to “mine” bitcoin.

In plain English, in return for helping keep the network up and running, they have the chance of being given a newly created piece of the digital 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:

Read more ... source: TheBitcoinNews