Phones Laptops Cameras Tablets Headphones Smartwatches VR Headsets This is my NextIn an industrial backwater near Hong Kong's massive port, one of Asia's largest Bitcoin mines is quietly turning raw computing power into digital currency.Located about eight miles from the city's finance hub, the entire facility is no larger than a two-bedroom apartment.Aside from a small bathroom, the mine offers no creature comforts.It is dominated by vertical racks that house hundreds of ASIC chips.Shorthand for application-specific integrated circuits, these chips are custom-built to mine bitcoins.You might be wondering what a Bitcoin mine does, exactly.A White House press briefing as told by CNN's sketch artist The best gadgets for your next business trip Must-have gadgets for business travelers Refinance your mortgage – check for today’s low rate!NMLS#174457 Compare savings accounts and open a new account today!Take advantage of a steady interest rate with these CD accounts You can earn 10x returns in your savings with these banks

Bitcoin, everyone’s favourite decentralised, peer-to-peer digital cryptocurrency, is making headlines around the world.Entrepreneur and journalist Xiaogang Cao posted pictures of a new HK-based mining operation being set up in an Kwai Chung industrial building… Bitcoins are generated by ‘miners’ who devote computing power to solving mathematical puzzles.Whilst users could once mine bitcoins at home, setting up a mining operation nowadays involves a lot more infrastructure… As more bitcoins come into circulation, the puzzles involved become increasingly difficult.The rewards are halved at regular intervals until 21 million bitcoins have been created – at which point, production will cease.Over the coming years, even when accounting for Moore’s law, mining will only require more resources to be worthwhile… Though some governments are hesitant about the world’s first cryptocurrency, entrepreneurs are hoping Hong Kong will jump on the bandwagon.HK’s new bitcoin farm involves one meter high transparent glass tanks, copper piping, cooling machines and computer boards soaked in bubbling 3M cooling liquid.

LED lights flash constantly, though the facility is cool, safe and quiet.Construction began in August, 2013.A crane was used to install cooling systems onto the roof .The cooling technique is one of the world’s most advanced, maintaining temperatures of below 37 degrees.In a race against time, bitcoin mining began in October.And with an eye on the future, there is extra capacity built into the site… The company behind the operation is Asicminer, who own multiple mining facilities.bitcoin guamCao said the facility was ‘quieter than a library’ Earlier this month, it was reported that a HK-based Bitcoin trading platform disappeared, taking with it up to US$5million worth of investment.bitcoin tysklandOne study showed that 45 percent of Bitcoin exchanges end up closing Hong Kong could become a hub for Bitcoin use and mining.mit bitcoin wallet

Hong Wrong’s Tony Wong said that the city has an edge due to ‘sound property rights, cheap electricity, widely available technology and service technicians’.Xiaogang Cao invites readers to donate to his crowdfunded charitable project (Chinese).One bitcoin was worth around US$858 at the time of writing.More content on the Mega Index…Somewhere in very rural northeast China lies a dusty and dirty factory where the deafening roar of machinery leaks from an armada of Bitcoin mining rigs.bitcoin block confirmationInside the secret north China Bitcoin mine.bitcoin 100 day moving averageCopyright Jacob Bitsmith of The Coinsman - used with permission Heat is blasted out of the vents in the crude concrete citadel from dozens of fans that whip up a torrent to cool 2500 Bitcoin rigs slaving away at algorithms to earn their owners the much sought after crypto-currency.bitcoin tavsiye

Liquid cooling in a high tech Bitcoin farm Jacob Smith (last name given as Bitsmith), the editor of The Coinsman, travelled to the undisclosed location to document life inside one of China's more grimy Bitcoin mining farms.The facility was life for three full time staff who ate, drank and slept between patrols of the factory floor to ensure the machines kept ticking over.They returned home one day a week.The noise was deafening: Jason said the sound of the fans could be heard outside the farm and seemed bone-shattering from within.ethereum release timelineElectrical bills tipped 400,000 Yuan ($70,000) a month.payout for bitcoin miningHardware obsolescence was rampant with piles of retired Avalon Bitcoin rigs littering the grounds.cobrar bitcoins argentina

"Walking around the warehouse floor, I was struck with a feeling of awe that THIS is what keeps Bitcoin alive," Jason wrote."That even if someone wanted to bring down Bitcoin, they'd have to outdo these guys and the dozens of other operations like this around the world."The Chinese factory was a cruder cousin of modern elite operations such as a secret shipping container-sized facility located 13 kilometres outside of Hong Kong.That small facility, detailed by independent journalist Xiaogang Cao, cooled its 92 blade servers -strong Bitcoin miner fleet not with fans but using silent open bath immersion technology from vendor Allied Control.The kit was required due to 500kW power restrictions on site.Bitcoin trading in China remains active but has dropped this year after a late 2013 surge of new users interested in the currency, BTC China chief executive Bobby Lee told Reuters.Lee said 5000 to 10,000 Bitcoins were traded each day on Bitcoin China.Legal The European Union has passed no specific legislation relative to the status of the bitcoin as a currency, but has stated that VAT/GST is not applicable to the conversion between traditional (fiat) currency and bitcoin.

VAT/GST and other taxes (such as income tax) still apply to transactions made using bitcoins for goods and services.[1]:European Union In October 2015, the Court of Justice of the European Union ruled that "The exchange of traditional currencies for units of the ‘bitcoin’ virtual currency is exempt from VAT" and that "Member States must exempt, inter alia, transactions relating to ‘currency, bank notes and coins used as legal tender’", making bitcoin a currency as opposed to being a commodity.[2][3]According to judges, the tax shouldn’t be charged because bitcoins should be treated as a means of payment.[4]According to the European Central Bank, traditional financial sector regulation is not applicable to bitcoin because it does not involve traditional financial actors.[5]:5Others in the EU have stated, however, that existing rules can be extended to include bitcoin and bitcoin companies.[6]The European Central Bank classifies bitcoin as a convertible decentralized virtual currency.[5]:6