Cryptocurrency containers – what is Bitcoin mining?
What is Bitcoin mining?
Bitcoin: A digital currency created in January 2009. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms. Unlike government-issued currencies, it is operated by a decentralised authority.
Bitcoin mining: Investopedia describes it as the process where new bitcoins are entered into circulation. It is also important in the maintenance and development of the blockchain ledger. It is performed using very sophisticated computers that solve extremely complex maths problems.
Bitcoin mining key points:
- With mining, you can earn cryptocurrency as a reward for performing tasks.
- Bitcoin miners receive Bitcoin as a reward for completing “blocks” of verified transactions which are added to the block chain.
- Mining rewards are paid to the miner who discovers a solution to a complex puzzle first. The probability that the participant will be the one to discover the solution is related to the portion of the total mining power on the network.
- You need specialist computers to set up a mining operation.
- Bitcoin mining uses a lot of electricity and the computers create excess heat.
As crypto mining is carried out using very advanced computers, these machines are likely to heat up very fast. Therefore, crypto miners need a solution to keep their computers cool. That’s where our GlenFarrow crypto containers come in…
Benefits of GlenFarrow crypto containers:
- Vast size range, suitable for both small and large scale mining
- Fully enclosed, insulated and portable
- Complete off-site build
- State of the art safety technology for wiring
- Advanced ventilation system to keep the computers cool
- ‘Plug and play’ system – no installation process required
- Every container is bespoke and fully customisable
- Filtration system included to keep dust to a minimum
- Our containers can be utilised for any type of cryptocurrency mining
Do I need a container?
At GlenFarrow, our team can also help convert existing spaces to be suitable to house crypto mining computers. If you have an outbuilding or any empty space large enough to house the number of crypto units you want, then a container is not always necessary.
If you are on the journey to harvest Bitcoin, we are here to help! To find out more about GlenFarrow cryptocurrency containers, call us on 01775 722327.