Inside Iceland's Bitcoin Super-Mine [ what is bitcoin mining? ]
Less than two miles from Iceland’s Keflavík Airport, sits a nondescript metal building, as a commercial poultry barn. Inside the 400 square meter building, there are shelves and shelves of whirring computers, reportedly as loud when they're running in full flow like a jet engine taking off.
Hundreds of thousands of fans blast cold air to keep the machines from overheating, aided by six giant ceiling turbines that spin with the collective force of 360 washing machines.
why has a chilly island in the North Atlantic played a crucial role in the high-stakes world of cryptocurrency mining? Just hold the thought, and join us today as we follow the New Money, and take a peek inside Iceland's insane bitcoin supermine.
Created by a mysterious figure going by the name of Satoshi Nakamoto, bitcoin is one of a number of cryptocurrencies, that are created using raw mathematics and computational horsepower.
Cryptocurrency miners are one of the main figures in the crypto economy. Miners help secure the network and are rewarded for doing so. Most cryptocurrencies – including bitcoin, ether, and Litecoin, reward miners with a specific amount of coins per block found, plus the number of collected fees, included in the transactions of the block they found.
When blockchains get clogged over large transaction volumes, miners make a profit, as users start competing with each other to get their transactions included in the next block.
This competition sees them bid on higher fees, that go directly to the miners that find the right blocks. Miners simply require an internet-linked computer that can solve, or hash big number problems, which are then added to the blockchain.
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