??? Hello, I'm Phil So what is tomorrow's program? Hmm I did not really plan We set up a new installation, which you will see Our first operation was in Eastern Europe But quickly, we moved to Iceland We are expanding our activity here on many sites I will show you one of them The one called ENIGMA It's strange this feeling we have in Iceland It's very I do not know, empty, you see? – Empty, Iceland? – No ! That's it, we're there – Do you want to keep the location of the secret farm? – Yes

– If you film the part where there are no houses It would be better Because otherwise, it's easy to find ourselves You really arrive at the beginning of something new – It's a new building We build it to further extend our operations Ha it's closed! At the beginning of bitcoin a lot of people minted bitcoins And a lot of people were using their graphics cards at home Those for video games, they used to mine bitcoins And some have made money like that So many companies wanted to make a business They just bought a lot of computer equipment started to undermine and waited to see what was happening And it worked pretty well, when the price went up

but when the price fell in 2014 Many minors have had problems And that's because they had not allocated their investment well They kept all their bitcoins It was the most "crypto-enthusiastic" Those who wanted the success of Bitcoin Everyone wants him to succeed, of course but

You can not bet at 200% on only So we decided to give the choice to our customers So we started a cloud mining company "cloud mining" because you mine using the "cloud" You're just going to the website You buy the contract for the quantity you want And you start immediately to mine That's all, daily gain We mine bitcoins Other currencies that use "ASICS" are undermined For example Litecoin This mine is specialized in GPU mining So we mine all crypto-currencies other than bitcoins It's a capricious door It's impressive ! Examples of alterative cryptocurrencies that you mine? Ethereum is one of the main People are very excited about Ethereum zeCash too, Monero of course These are the most anonymous crypto-currencies – Dash too? – Yes, of course, I almost forgot – For all crypto-currencies, can you use the same processors? – No you can not With bitcoin, the industry is much more specialized People have so much mined bitcoins that they have developed specialized chips Just to mine bitcoin And graphics cards do not make the weight Why is it colder here? Is there a fan or something? – There are filters! The air comes in this direction, through the miners

cool the miners And goes back up to the big fans So the building to this ventilation system It's very effective This is the second reason we are in Iceland It's cold

So we can cool them with the outside air Do not film this part – How? – Do not film this part – Why, it's secret? – It's the generator It shows the power that we use And it's directly related to the size of the installation I can tell you there are about two thousand processors here But I do not want to say the exact numbers It's called Genesis Hive This is our internal control tool It's a heat map Blue is the coldest And the red is the hottest There are two who are really hot The price of electricity? It's several times cheaper Iceland has a cost of energy Which makes it easy to compete And it continues to work all day? – Absolutely! 24 hours a day All year, every day, every hour Why are you trying to be decentralized? Why not focus on a country? – For many reasons We do not want to put all our eggs in one basket If a country says "Oh we forbid bitcoin!" Or we will heavily tax the bitcoin mining That would be a big problem, of course So it's important to

Keep your eyes open And to be in different places be ready to adjust to the market Because we never know what will happen Bitcoin is a young technology and even if most countries have clear laws on bitcoin On how does it work legally etc But things change And you have to prepare for it