Making Digital Money In Iceland With Your Bare Hands

Iceland has the perfect factors for a Bitcoin mine: cold climate, fast internet, and cheap energy. With the digital currency business slowly gaining momentum, Bitcoin miners, the people who create new bitcoins, seek new mining infrastructure. If you need a refresher on what the virtual currency is and how it works, check out What is Bitcoin, and How Does it Work? The process of mining can be incredibly lucrative as anyone can be rewarded with the digital currency if they contribute to helping process transactions on the network. This surreal industry has companies dedicated to mining.

One of these companies is Genesis Mining, one of the leading so-called “cloud” mining companies, which allows customers to mine without using their own specialized hardware for the work. Genesis Mining has a Bitcoin Mining facility built for the primary effort of mining bitcoins. As with most cryptocurrencies, they work with hardware designed especially for optimum mining performances, which Genesis Mining shows in the following video.

Most of the company’s operations are based in Iceland. With the cool climate of Iceland cutting the costs of cooling the hardware that generates tremendous heat and the cheap energy costs due to the geothermal activity of the island, Genesis Mining has chosen the perfect location in which to make a profit. They also fit in very well with all of the other cutting edge technology companies based in Iceland.
Genesis Mining has the world’s largest Ethereum Mining farm, the Enigma Ethereum Mine. Ethereum has its own virtual currency named Ether, a new development in Bitcoin Mining that is better able at handling complex financial interactions. Check out this article for more information about Understanding Ethereum, Bitcoin’s Virtual Cousin. The Enigma Ethereum Mine was built to support the Ethereum Project, which is described on the company’s website as: “A decentralized platform that runs smart contracts. Cryptocurrency applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.”

Currently, the largest Bitcoin Mining operation in the world is Bitmain, a Beijing-based company with mines located in Inner Mongolia, accounting for 56% of global Bitcoin Mining wealth. The second largest, DiscusFish, is also operating in China with a total of 17% of global mining wealth. The third largest, Bitfury, is at 16%, and has private mines in Finland, Georgia, and also in Iceland. However, Genesis Mining remains the largest Bitcoin Mining company in Iceland.

Since you are here, we would like to share our vision for the future of travel - and the direction Culture Trip is moving in.

Culture Trip launched in 2011 with a simple yet passionate mission: to inspire people to go beyond their boundaries and experience what makes a place, its people and its culture special and meaningful — and this is still in our DNA today. We are proud that, for more than a decade, millions like you have trusted our award-winning recommendations by people who deeply understand what makes certain places and communities so special.

Increasingly we believe the world needs more meaningful, real-life connections between curious travellers keen to explore the world in a more responsible way. That is why we have intensively curated a collection of premium small-group trips as an invitation to meet and connect with new, like-minded people for once-in-a-lifetime experiences in three categories: Culture Trips, Rail Trips and Private Trips. Our Trips are suitable for both solo travelers, couples and friends who want to explore the world together.

Culture Trips are deeply immersive 5 to 16 days itineraries, that combine authentic local experiences, exciting activities and 4-5* accommodation to look forward to at the end of each day. Our Rail Trips are our most planet-friendly itineraries that invite you to take the scenic route, relax whilst getting under the skin of a destination. Our Private Trips are fully tailored itineraries, curated by our Travel Experts specifically for you, your friends or your family.

We know that many of you worry about the environmental impact of travel and are looking for ways of expanding horizons in ways that do minimal harm - and may even bring benefits. We are committed to go as far as possible in curating our trips with care for the planet. That is why all of our trips are flightless in destination, fully carbon offset - and we have ambitious plans to be net zero in the very near future.