Bitcoin Mining Energy Use Set To Overtake Homes In Iceland


Bitcoin Mining Energy Use Set To Overtake Homes In Iceland

Blasted all over the Internet today, you will find an article on a "New Gold Rush" in Iceland stating that energy demand is soaring in Iceland due to bitcoin mining.

He said: "If all these projects are realised, we won't have enough energy for it".

The Associated Press first reported the surge in demand.

Beyond its obsession with finance - Iceland was a center of the global derivatives meltdown in 2008, a catastrophe which saw some local bankers jailed - the tiny country of 340,000 people is drawing cryptocurrency companies because of its cheap energy.

Iceland has become one of the most attractive places for virtual currency mining companies to open shop given the island's abundance of renewable energy - geothermal and hydroelectric energy account for nearly 100% of Iceland's electricity production.

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Bitcoin mining occurs when computers verify existing bitcoin transactions by solving complex mathematical problems, and then receive bitcoin as a reward.

Iceland is one of the best places on Earth to mine Bitcoin, thanks in part to its cold climate, which naturally helps keep hardware from overheating and cuts down on costs associated with air condition and cooling systems.

He said that bitcoin mining will require about 840 gigawatt hours of electricity this year.

Media captionBitcoin explained: How do cryptocurrencies work?

According to experts, there are no grounds to predict any decline of interest of foreign companies in establishing their data centres in Iceland.

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He added that there is such an abundance of data centre proposals that giving all of them the green light would be impossible.

He added that his firm was mostly interested in dealing with companies that were willing to commit to long-term contracts of a few years or more.

That could cause problems, though, as officials warn they won't have sufficient energy to supply the number of proposed Bitcoin mining centers (if those facilities do indeed open).

But the demand for mining bases has sparked a dire warning with one firm insisting Iceland will not have enough energy for upcoming crypto mining projects. As the mining companies have been developing in the North Atlantic island, Smari McCarthy, a lawmaker from Iceland's Pirate Party, has come up with an idea to tax the profits of bitcoin mines. Now there are three bitcoin farms operating near the worldwide airport of Iceland in Keflavik.

Bitcoin mining Every ten minutes a miner wins a price of 12.5 bitcoins - still worth over a hundred thousand dollars in spite of a huge decline of more than half of bitcoin's value.

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