Iceland's Massive Bitcoin Mine 2023

LESS THAN TWO miles from Iceland’s Reykjavik airport sits an ordinary metal building as gigantic and plain as a commercial poultry barn.

There’s an an-earsplitting ruckus inside too, from tens of thousands of whirring GPUs performing the complex, exhaustive calculations needed to verify cryptocurrency transactions and add them to the public record, otherwise known as the blockchain. This building is Iceland's Massive Bitcoin Mine.

Want to know more about this? Stay with us as we explore this land of ice and fire.

Back in December 2018, the global financial crisis in Iceland had crippled its economy, making thousands of protesters park themselves outside the Althing, the country’s ancient parliament. They banged kitchenware and demanded change from those who’d helped wipe 96 percent off the country’s stock market in weeks.

Around the same time, few Icelanders noticed when an anonymous developer going by the name of Satoshi Nakamoto introduced bitcoin, a “cryptocurrency” to take the control of money away from big banks and governments.

It wasn’t until 2010 before anybody could buy something with bitcoin when a computer developer bought two pizzas with 10,000 of them. Imagine that!!

Like gold, bitcoin is mined. Unlike gold, bitcoins are not extracted physically. Instead, bitcoin miners use computers to solve complex mathematical problems.

If you solve the problems quickly enough, you’re rewarded with a new bitcoin. It may sound simple, and then it really was. Anybody could mine bitcoin on their home PC, so, nerds and speculators cashed in on that opportunity.

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