Actual photo of mine exploiting virtual currency bitcoin in Iceland

Images at the bitcoin mine in Iceland show the most valuable virtual currency mining industry at this time.

These photos were taken from Genesis Mining , a company that digs out bitcoin virtual currencies.The company has its first mining in Bosnia and China.However, the company's activities are carried out at the headquarters in Iceland.

Iceland has three important advantages for mining bitcoin: cheap electricity, good Internet and cold climate.Because of the cold climate, the company can save on cooling costs for machines, maximize profits.

According to the company, the exploitation has many other costs such as hardware, manufacturing and personnel.The profit of Genesis Mining is balanced at about 20%.

However, Genesis Mining also encountered a number of fake issues.Some companies cheat customers by fixing photos of the mining facility of Genesis Mining and pretending to be theirs.

Genesis Mining not only exploits bitcoin but also Ethereum , also called bitcoin version 2. The price of Ethereum is 160 USD.

Working conditions in the mine are quite harsh. "You are often surrounded by roaring machines. It's like you're listening to a jet taking off and landing without ever stopping , " said Technical Director Stefan Schindler.

This is another picture of Genesis's mining activity.More than 10,000 GPUs are operating in this room.Although the outside is very cold, the room temperature is often between 40 and 50 degrees Celsius.

1. What is Bitcoin?