Inside the Facility Where Bitcoin is Mined

September 8, 2020 at 7:59 am

“The high-tech barn seems worlds away from the geysers, waterfalls, and lagoons that inspire 2.3 million tourists each year (not to mention a few Björk lyrics), but it’s as much a product of Iceland’s unique geology as any of those. 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. The abundant water and underground heat is harnessed by hydroelectric dams and geothermal power stations to produce cheap, green electricity that facilitates the energy-intensive process of confirming cryptocurrency transactions—called mining, since miners are rewarded for their efforts with newly minted and extremely volatile “coins.” The fact temperatures rarely top 57 degrees Fahrenheit also helps……”

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