Mining Bitcoins in Iceland | Tour of Genesis Bitcoin Mining farm
we’re on our way to the annual hackers Congress at the parallel Paula’s Center in Prague it draws crypto anarchists from across Europe people who employ encryption technology to keep their internet activity private. The Bitcoin is their currency of choice at the center’s Bitcoin coffee bar you can’t buy a drink with regular cash or cards only bitcoins. So I might as well put my bills away again but right across the way is an ATM which dispenses bitcoins
First I have to download an app to my cell phone a digital wallet to store my bitcoins martine vez maya explains how easy it is to use the app just set it to receive then hold your mobile in front of the ATM within seconds my Czech crowns become six point five one milli bitcoins . I want is a Bitcoin site on here and if I want to buy a Red Bull for example there I can show you Martin just holds his hand in front of the Machine and out comes his drink he says this is the future are you wondering again anybody wants the red book Martin says bitcoins are more than digital play money hundreds of thousands of people use them for everyday transactions eliminating the need for a regular bank account I think the banks will always be there it is just that people have an option now for the first time in history this is the first money.
Which is issued by the people and it is owned by the people there is no banker required it’s like where we are going there is no banks the day coin is a currency that’s generated on the internet but how as I learn here it’s quite simple to produce a Bitcoin a computer must process certain transactions in return for these services its rewarded in bitcoins this activity is known as mining but only a maximum of 1800 bitcoins can be generated per day that’s the predefined limit.
Buy and sell bitcoins in Iceland, with cash and online
The more people are involved in mining for the currency and the more computers are processing the transactions the less likely it is that a single computer will be rewarded with bitcoins so today anyone wanting to earn large amounts of bitcoins needs to have huge pools of computers or minds. Competition is becoming fiercer as there’s only a finite and predefined number of bitcoins. which can be mined so the Bitcoin works like a precious resource such as gold the more people seek to acquire it the more valuable it becomes around the world people are feverishly mining for bitcoins one of the biggest mines is located in Iceland we’re coming in for a landing with Bitcoin pioneer mawkish leg.
He was attracted to Iceland mainly because of its geothermal power plants which produce green electricity from the water of hot springs. He agreed to show us around his mind provided we don’t disclose its exact location on the drive there he explains.
Why we don’t forget it there’s a lot of money involved and many different parties would have an interest in breaking into the mining farm or hacking into it you can’t be careful enough man can’t see he looks on from the outside the hangars look ray and inconspicuous on purpose few Icelanders are aware that huge amounts of virtual money are produced. Here every day inside it’s incredibly loud my god how many machines are there there are over 10,000 graphic cards on this side alone more than the world’s biggest supercomputer what do you earn here per day if I told you that straight away all our competitors could draw a conclusion as to how large we are in theory that would give them a competitive advantage roughly.
I really can’t tell you what he will tell me is that the electricity bill for his mind is 1 million euros a month most of that spent cooling the computer processors another advantage of being in Iceland is that the outside air is reliably chilly so the climate also helps to keep the hangars cool in future mawkish laying plans to set up new steam-powered mining farms he believes that in an increasingly uncertain world the value of the Bitcoin can only go one way up the speed concerti mattress is what makes the Bitcoin special is this independence from the financial world and that’s almost always the bank’s cinder span and of course.
We’ve seen in the past that this system is in many places doomed to failure Marco swing is even considering building his own geothermal power plant after all he’s got to invest the money he’s earned somewhere money earned.