WATERLOO TECHNICAL SOCIETY
November 11, 2026
Crypto Mining, Presentation and Tour
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Speaker: Adam Haynes, Founder & CEO Simple Mining
Adam is a serial entrepreneur born in Iowa, with businesses headquartered in Cedar Falls.
Description
Adam will talk about the origin story of Simple Mining, Bitcoin and Bitcoin mining, how it works, what our company does, and our plans to expand into the AI data center space.
After a brief presentation, we will adjourn to the Simple Mining site in the Cedar Falls Industrial park for a tour.
[AI assisted decription follows]
Bitcoin mining, originally launched in 2009, is the computer process that keeps the Bitcoin network running and secure. The process is intentionally simple!
Gather a block of transactions.
Create a block header.
Run the block header through the SHA-256 cryptographic hash function twice.
Check if the resulting number is below a target value.
If not, change a number called the nonce and try again.
For the mathematicians, it is based on simple technology.
A typical high-end water-cooled miner,
shown along side a less powerful air-cooled miner.
In 2009, a typical Central Processing Unit (CPU) from Intel and AMD, such as a home computer user might have, could compute a few million hashes per second. This established a "difficulty" factor of 1.
Soon after, computer scientists discovered that a Graphics Processing Unit (GPU) could compute the hash from 100 to 1000 times faster.
On the quest for solving these mathematical puzzles ever faster, engineers turned to Field Programmable Gate Arrays (FPGA), which can be thought of as general purpose programmable hardware. FPGAs were then programmed specifically for mining, and accelerated the solution rate again.
Since about 2013, the biggest leap came with Application-Specific Integrated Circuits (ASIC). These are chips designed specifically for the purpose of mining.
Where those 2009 general purpose computers could compute a few million hashes per second, a modern ASIC can compute 100+ trillion hashes per second.
Specialized computers, like the water-cooled version shown here, compete to solve complex mathematical puzzles. The first computer to solve a puzzle gets to add a new block of transactions to the blockchain (Bitcoin’s public ledger) and is rewarded with newly created bitcoin plus transaction fees.
[end of AI assisted description]
Shown here is one of Simple Mining's sites, this one in Cedar Falls.
60% Wind and Solar powered, and as a Demand Response Resource.
Zero evaporative water use using closed-loop cooling.
95% uptime.
For Simple Mining customers, uptime is important, and should a failure occur, Simple Mining has one of the largest ASIC repair facilities in the U.S., right here in Cedar Falls, Iowa.
Simple Mining, 2715 Technology Pkwy, Cedar Falls, IA
As it is quite a new facility, google maps still shows an empty field.
Reservations: reservations@waterlootechnicalsociety.org, by 11am Monday, November 9
Social period: 5:30 P.M, November 11, 2026
Dinner: 6:00 P.M.
Program: 7:00 PM
Tour: We'll travel to Simple Mining, 2715 Technology Parkway, Cedar Falls, IA, after the brief program.
Program Chair: Steve Crouse
Guests are always welcome. We need your reservation to enable us to have a name tag for you as well as to send you a reminder in email.
You are welcome to make a reservation for dinner or just come for the program. A program-only reservation is appreciated for a head count.
Where:
Family Restaurant
2627 Center Street, Cedar Falls
Meal Price:
$22.00 includes meeting room, tax and gratuity.
Dinner includes:
to be announced - stop back soon
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