I attempted to make my own version of a 'hotbin' (the commercial name)- ie a wheelie bin with expanded polystyrene insulation on the sides- holes drilled near the bottom and in the top for airflow. It was a 240L wheelie bin- so not as big as you're planning.
It did work- as in the
compost got very hot and the volume cooked down pretty fast, but it was a lot of work to stop it going too wet and anaerobic (as is the commercial version, you end up having to add things like woodchip to keep the structure open and then sift it out later for
reuse)- I prefer very much to plonk all
my stuff in a heap and leave it for a few years, let the critters do the mixing. Perhaps if I really wanted weed-seed free compost and things.. but I just don't care that much, for my garden really rough compost full of bits of twig is fine!