Not Your Father’s Data Center: Mining for bitcoin and other cryptocurrencies

Fred Thiel, CEO of Marathon Digital Holdings, one of the largest bitcoin mining operations in North America, joined host Raymond Hawkins to discuss cryptocurrency. From blockchain to bitcoin, Thiel covered it all, including all the nooks and crannies in between.

“The blockchain is essentially a chain of linked blocks that each block consists of a certain number of transactions,” Thiel said. “If you think about a ledger, like your check register, if you have a checkbook and you write a bunch of checks, you write them down in your check register at the month you get a statement from your bank. So, those types of transactions are formed into blocks. The underlying software for the blockchain allows miners to do this process of assembling these transactions into blocks. Then you run a mathematical cryptographical proof on this data, and that generates a hash. And that hash has to have a certain value to it. And when it gets that hash, it then has to be equal to or less than a specific target number that the blockchain is looking for.”

Miners who guess that number correctly will win the block, publish the block, other nodes validate the block, and then the miner will receive a block award.

In the high-stakes game of blockchain mining, with limited numbers of bitcoin issued per day, Thiel said there is a competition to it. “If you have one miner, and you plug it in, you’re not going to get a fraction of a bitcoin every day,” Thiel said. “And so what miners do is, miners, pool their miners together. And aggregating and cooperating, a group of miners in a pool, you have a more hash-rate you’re contributing to the overall network, and a higher likelihood you’re going to win blocks, and the block rewards can be evenly distributed amongst members of the pool.”

Follow us on social media for the latest updates in B2B!

Image

Latest

AMAG Technology
AMAG Technology: Control, Reliability, and Customer-First Supply Chain Excellence
April 2, 2025

At AMAG Technology, being customer-obsessed goes beyond a mindset—it’s built into every part of the operation. One of the company’s greatest strengths lies in its ability to manufacture its own products, offering a level of supply chain control that few competitors can match. Allan Price, Head of Global Supply Chain at AMAG, emphasizes how this…

Read More
visitor management solution
Reinventing Visitor Management Solution with Symmetry GUEST
April 2, 2025

In an age where speed and security are paramount, the traditional paper logbook is becoming a relic of the past. AMAG Technology’s Symmetry Guest system offers a modern, digital solution that redefines the way organizations welcome and manage visitors. Gone are the days of long lines and confusion at the front desk—Symmetry Guest empowers hosts…

Read More
AMAG
Driven by Customers, Defined by Innovation: Inside AMAG’s Customer-Obsessed Approach
April 2, 2025

AMAG Technology continues to strengthen its customer-obsessed culture by actively listening to both internal and external voices. As shared by Kyle Gordon, Executive Vice President of Global Sales, Marketing, & Commercial Excellence, the company is focused on improving processes, responding with speed, and driving innovation—while honoring its legacy and delivering unique value within the industry.

Read More
biotech
Biotech Moves Smarter: IDDI Powers Data-Driven Drug Innovation
April 2, 2025

As biotech innovation accelerates, small and mid-size pharmaceutical companies are becoming key players in bringing new treatments to market. Yet many of these organizations face steep challenges when navigating clinical trial design, regulatory approval, and data integrity. According to a McKinsey Global Institute report, industries like biotech could help generate up to $50 trillion…

Read More