BBC reporter Danny Vincent visited a bitcoin mine in China that reportedly mines up to $8 million per year. Vincent was invited to tour the mine under the condition that its location remains confidential.
The reason for the secrecy is that the mine is outside the control of the Chinese government, which has not taken a pro or con position on the cryptocurrency.
The location is so high in the mountains that a visitor has to bring oxygen cans to breathe. Mobile phone connections are inconsistent. Wi-Fi-enabled chat apps and video calls are the main modes of communication. Owner A Former Farmer
A 30-year-old by the name of Chandler Guo served as Vincent’s guide. Guo’s family ran a beef farm. After investing in bitcoin, Guo has turned what was once a sleepy town into a “hidden bitcoin economy.” Guo operates a company called Bitbank. Chandler Guo. Source: BBC The Bitbank website, https://bitbank.com , describes the company as a financial technology firm that encompasses every aspect of the bitcoin ecosystem, including the design and manufacture of hardware and software.
Guo’s LinkedIn page says he is an angel investor in cryptocurrency startups including Btc123.com, Bitbank.com, Jua.com, Bw.com, Bitfund.pe yangyang.tv, YHMiningFarm Richfund.pe, bither.net, okcoin.com and huobi.com. Source: BBC Video Gives An Inside Look
Vincent’s report includes a video which gives a history of bitcoin and explains its features. The video shows the inside of the mine. Source: BBC The mine houses hundreds of computers. The workers, mostly male and formerly farmers and recent graduates, reside onsite. Workers live six to a room. There are posters of Chinese boy bands on walls over the bunk beds.
One worker, Fang Yong, has worked as a miner for about a year. A 21-year-old graduate, he rides a moped and dresses like an urbanite, despite having a rural background. […]
