Are Form 8865 Mining 2024

Right now, the world is basically in the middle of a second gold rush. But the thing is, it's not gold that people are actually after this time around, it's Bitcoin, the biggest, baddest cryptocurrency on the planet. But the thing about Bitcoin is that, because it's a digital currency, you obviously can't just dig it out of the ground with a pickaxe. So, to get a better sense of how cryptocurrency mining works, we're here in northern Washington to visit one of the biggest Bitcoin mines in the United States and to see what goes on behind the scenes. The whirring sound you're hearing is the sound of 1,800 servers computing. This is a mining facility, so we operate basic servers specifically for the Bitcoin blockchain protocol. As you can see, it's a warehouse environment. Our facilities manufacture about seven Bitcoin per day. The servers in this room do that by solving a difficult math problem called a cryptographic hashing function. In the simplest possible terms, they're solving a puzzle that's generated by the Bitcoin network. About every 10 minutes, a new puzzle or block in the chain is released. The reward for solving that puzzle is currently 12 and a half bitcoins. Working together, all the Bitcoin miners on earth unlock about 1,800 bitcoins each day, and about four tenths of one percent of those are mined in this very room. That doesn't sound like a lot, but when we filmed this video, this Bitcoin mine generated about seventy thousand dollars a day. That's 2.1 million dollars a month, all in this one room. These are ASIC processors, application-specific integrated circuits. The chip design is specifically to run the protocol that is Bitcoin blockchain. It's code, right? It's specifically a chip designed to run that code at a...