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Iceland's Massive Bitcoin Mine

Working around the clock, seven days a week, the computers were part of the largest concentration of Bitcoin mining power in the world. By solving and packaging complex “blocks” of encrypted data, the machines helped secure and expand the worldwide network of digital currency. And in return for their work, they generated vast fortunes for their owners. The Advania network alone, operated by Iceland’s largest IT provider, pulled in what’s estimated to be millions a year.

The Nordic island country straddles the Mid-Atlantic Ridge, where the Eurasian and North American tectonic plates meet, molding a volcanic terrain webbed by glacial rivers and studded with gemstone-aquamarine lakes.

Hundreds 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. The high-tech barn seems worlds away from the geysers, waterfalls, and lagoons that inspire 2.3 million tourists each year, but it’s as much a product of Iceland’s unique geology as any of those.

LESS THAN TWO miles from Iceland’s Reykjavik airport,there is a group of shelters drab as a commercial poultry barn. There’s a deafening racket inside, but it doesn’t come from clucking chickens. Instead, thousands of supercomputers perform the complex and exhaustive calculations needed to verify cryptocurrency transactions and add them to the public record. This process is known as the blockchain.

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Chapters:
00:00 Intro
01:25 Near Iceland's Reyjavik Aiport
1:50 Crypto Currency, Mining and BlockChain
02:57 Bitcoin's Creation, Electricity and Crypto currency industry

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