Grafana Mimir is introduced as a highly scalable and performant open-source time series database, with a video tutorial guiding users through the setup process. The tutorial involves cloning the Grafana Mimir GitHub repository, navigating to the tutorial directory, and starting the cluster using Docker Compose. The architecture includes three Mimir instances, Nginx for load balancing, pre-installed Grafana dashboards, and MinIO for data storage. The system can withstand a single instance failure due to its replication factor of three, ensuring continuous operation and alert notifications through various channels. The video series also covers advanced features like query sharding, and the project hosts webinars for further insights and future developments.