Bitcoin mining is big and can turn huge profits and many of the companies that deal in the cryptocurrency are moving to Georgia because of the state’s attractiveness to new business and industry.

Bitcoin mining is the process of creating new bitcoins by solving extremely complicated math problems that verify transactions in the currency. When a bitcoin is successfully mined, the miner receives a predetermined amount of bitcoin.  That leads to high profits and high-energy usage.

A large bitcoin mining operation in LaFayette is using more power than the large manufacturing plants like Roper and Shaw.

According to state data, the average bitcoin mining operation in Georgia employs around 20 people.  But there are other local benefits to having a bitcoin mining operation in a small town.

In Walker County, off-duty deputies and policemen are making nearly double their hourly wage providing security for the cryptocurrency mining operation.

The whole process is complicated to understand for many who are used to paying with “greenback” dollars and credit cards, but the profits are high for companies that are able to solve complicated transactions and get paid for their labor in new cryptocurrency.   The companies can operate anywhere where there is high-speed internet and adequate power supply to run massive numbers of computers.

WZQZ / Compiled Reports