Here at HIVE, we’re often asked, “What is digital currency mining?”
We get why the word “mining” can cause confusion so here’s the most simple way to explain it:
Traditional currencies rely on centralized networks controlled by entities like banks, credit card companies, and merchant processors. These private networks confirm transactions, account balances, and monitor account histories to maintain the trust and integrity of the network.
Digital currencies (like Ethereum and Bitcoin) rely on a decentralized network of computers, which are located around the world and are not controlled by any one group, company, or government. These decentralized computers work together to verify transactions and records, removing the need for a centralized party.
Mining is important because it provides the critical infrastructure that makes digital currencies and all other blockchain-based applications possible.
Pretty cool, right?
Another question we often hear is, “What does it look like inside a mining farm?”
You can find a lot of pictures and videos of crypto mining farms online, but we wanted to provide a more interactive experience. So we’ve created a true 360° VR experience where you can step inside our latest mine in Sweden.
Before you view the video, please note:
You have complete 360-degree visibility. If you are on a computer, click and drag on the video to see a complete view. If you’re on a phone, simply hold up your phone and tilt it. (Please make sure you have the Youtube App otherwise - it will not show up!).