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We're on our way to the annual hackers Congress at the parallel Paula's Center in Prague it draws crypto anarchists from across Europe people who employ encryption technology to keep their internet activity private the Bitcoin
is
their currency of choice at the center's
Bitcoin coffee bar you can't buy a drink
with regular cash or cards only bitcoins
so I might as well put my bills away
again but right across the way is an ATM
which dispenses bitcoins first I have to
download an app to my cell phone a
digital wallet to store my bitcoins
martine vez maya explains how easy it is
to use the app just set it to receive
then hold your mobile in front of the
ATM within seconds my Czech crowns
become six point five one milli bitcoins
I use I use a cheap implant I created in
2000 2014 sheet you can see the tiny
blue chip half of it is antenna and the
other half is the chip so if for example
I want is a Bitcoin site on here and if
I want to buy a Red Bull for example
there I can show you Martin just holds
his hand in front of the Machine and out
comes his drink he says this is the
future are you wondering again anybody
wants the red book Martin says bitcoins
are more than digital play money
hundreds of thousands of people use them
for everyday transactions eliminating
the need for a regular bank account
I think the banks will always be there
it is just that people have an option
now for the first time in history this
is the first money which is issued by
the people and it is owned by the people
there is no banker required it's like
where we are going
there is no banks the day
coin is a currency that's generated on
the internet but how as I learn here
it's quite simple to produce a Bitcoin a
computer must process certain
transactions in return for these
services its rewarded in bitcoins this
activity is known as mining but only a
maximum of 1800 bitcoins can be
generated per day that's the predefined
limit so the more people are involved in
mining for the currency and the more
computers are processing the
transactions the less likely it is that
a single computer will be rewarded with
bitcoins so today anyone wanting to earn
large amounts of bitcoins needs to have
huge pools of computers or minds
[Music]
competition is becoming fiercer as
there's only a finite and predefined
number of bitcoins which can be mined so
the Bitcoin works like a precious
resource such as gold the more people
seek to acquire it the more valuable it
becomes around the world people are
feverishly mining for bitcoins one of
the biggest mines is located in Iceland
we're coming in for a landing with
Bitcoin pioneer mawkish leg he was
attracted to Iceland mainly because of
its geothermal power plants which
produce green electricity from the water
of hot springs he agreed to show us
around his mind provided we don't
disclose its exact location on the drive
there he explains why we don't forget it
there's a lot of money involved and many
different parties would have an interest
in breaking into the mining farm or
hacking into it you can't be careful
enough man can't see he looks on from
the outside the hangars look ray and
inconspicuous on purpose few Icelanders
are aware that huge amounts of virtual
money are produced here every day
inside it's incredibly loud
my god how many machines are there there
are over 10,000 graphic cards on this
side alone more than the world's biggest
supercomputer what do you earn here per
day if I told you that straight away all
our competitors could draw a conclusion
as to how large we are in theory that
would give them a competitive advantage
roughly I really can't tell you what he
will tell me is that the electricity
bill for his mind is 1 million euros a
month most of that spent cooling the
computer processors another advantage of
being in Iceland is that the outside air
is reliably chilly so the climate also
helps to keep the hangars cool
in future mawkish laying plans to set up
new steam-powered mining farms he
believes that in an increasingly
uncertain world the value of the Bitcoin
can only go one way up the speed
concerti mattress is what makes the
Bitcoin special is this independence
from the financial world and that's
almost always the bank's cinder span and
of course we've seen in the past that
this system is in many places doomed to
failure
Marco swing is even considering building
his own geothermal power plant after all
he's got to invest the money he's earned
somewhere money earned by producing a
lot of hot air
you
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