News A New Dream Island for Bitcoin miners?

A New Dream Island for Bitcoin miners?


- Advertisment -

A New Dream Island for Bitcoin miners?

The inhabitants of Iceland are the first to consume more electricity on mining cryptocurrencies than on household needs. Perhaps it was possible due to magma-fuelled power plants. Volcanoes supply the island with a cheap and copious form of renewable energy.

Bitcoin mining is expected to hit 100 megawatts this year says Johann Snorri Sigurbergsson, a manager at energy firm Hitaveita Sudurnesja in an interview for the
Associated Press. He said:

“Four months ago, I could not have predicted this trend—but then bitcoin skyrocketed, and we got a lot more emails”

“Just today, I came from a meeting with a mining company seeking to buy 18 megawatts,” he added.

Besides, Sigurbergsson
told that he thinks that the bitcoin market will surpass the roughly 700-gigawatt hours that all Icelandic homes require.

Iceland, a Nordic island country with a population of just 340,000, is powered by
renewable energy, mainly geothermal, hydroelectric, and wind.

Why Iceland?

Current bitcoin news reports that Iceland is the first country in the world where cryptocurrency mining within one nation has overtaken productivity of electricity. So, why did it happen to be Iceland? The answer is really simple: location and volcanoes. Such creations of Mother Nature provide Iceland with a copious and inexpensive form of renewable energy. Hydroelectric and geothermal plants working on the island reduce the wholesale price of power, which lets bitcoin miners make higher profits as they run their computers in a non-stop mode.

The country, situated at the northernmost tip of the Mid-Atlantic Ridge, also has another benefit – it’s location full of magma. The Arctic air drives down the necessity to
invest in expensive air-conditioning for the server rooms – essential, as the special machined used to mine most cryptocurrencies produce enormous amounts of heat when running at maximum efficiency.

Hot spots for Bitcoin miners

Many bitcoin farms can be found in Keflavik, the southwestern town where Reykjavik International Airport is placed, around 50 kilometers southwest of the capital city. The Icelandic air is a natural cooler for the data centers and helps to keep costs down.

According to The Wall Street Journal, the small town of Wenatchee, Washington, has also turned into a hub for bitcoin mining, again due to relatively inexpensive hydropower. As China is allegedly
considering decreasing the number of bitcoin mining processes, world companies are seeking alternatives for mining locations, including

Source link


Please enter your comment!
Please enter your name here

Latest news

Ethereum Price Sees $500 for the First Time in Two-and-a-half Years

First launched in 2014, Ethereum or Ether is one of the oldest altcoins and probably the most...

Banking Sector is Ready for a Tech Revolution With Cryptocurrency

When our world is going through a massive change due to COVID-19blow, it is very likely that...

OpenDAO’s Bridge Opens New Possibility for Mass Adoption of DeFi

When Satoshi Nakamoto officially created Bitcoin on January 3, 2009, his vision for the digital asset was...

Crypto’s price surge was mostly due to limited information – here’s why

As the world becomes more and more digitized, the usage of one of the most popular cryptocurrencies,...
- Advertisement -

U.S. Authorities Seized Bitcoin Worth a Total of $1 billion

The cryptocurrencies were in the possession of a person who had hacked Silk road, which was detected...

Top 12 BEST Crypto Trading Bots for 2020

TL;DR: In this article, we present a list of the best Crypto Trading Bots of 2020. If...

Must read

- Advertisement -

Read Next
Recommended to you