• Sun. May 9th, 2021

Bitcoin News: Inside Iceland’s Massive Bitcoin Mine

Inside Iceland's Massive Bitcoin Mine

(STL.News) Why has a chilly island in the north Atlantic become a crucial frontier in the occult, high-stakes world of crypto currency mining?  An unremarkable looking cluster of sheds on the western cluster of the Nordic nation might just hold the answer.  So join us today as we follow the money and take a peek inside Iceland’s insane bitcoin super mine.

About a decade ago the first proper ‘real world’ bitcoin transaction took place, when one Laszlo Hanyecz infamously purchased two hot and juicy Papa John’s pizzas for 10,000 bitcoins.  Those 10,000 coins were only worth, at the time, around $40.  Delicious as the pizzas no doubt were, if he’d only kept hold of those bitcoins they’d by now be worth somewhere north of 280 million dollars.

Created by a shadowy, mysterious figure – or perhaps group – going by the name of Satoshi Nakamoto, bitcoin is one of a number of cryptocurrencies that are created via computer processes which use raw mathematics and sheer computational horsepower to underwrite the value of transactions.  As opposed to conventional monetary systems, which are backed by central banks, cryptocurrencies rely on the mathematical certitude of a decentralized ledger, known as a blockchain.

YouTube video provided courtesy of Tech Vision

Marty Smith

Marty Smith

Marty Smith is the acting Editor in Chief as well as the founder of STL.News, DirectSourceNews.org, and St. Louis Restaurant Review. Additionally, Smith is the IT Manager responsible for STL.News and affiliate sites. Smith has created multiple aggregator sites to manage the large amount of content used to select which content to published on STL.News. As Editor in Chief, Smith is responsible for the content posted on the network with the help of the publishing team, which is located around the globe.