Iceland Cryptocurrency Industry’s Energy Use will Exceed Its Domestic Standard Energy Consumption.

    2018/02/13 17:36 Angel lv Created with Sketch.

Cointime (February 13) Iceland is an ideal place for bitcoin mining. The cold weather and cheap electricity brought in a lot of bitcoins mining operation into the area. According to sources, this year alone, the energy used in cryptocurrency mining in Iceland will exceed its domestic standard energy consumption.


Icelandic Energy Company Hitaveita Sundurnesja’s Business Development Manager, Johann Snorri Sigurbergsson, said suspiciously, 

“After bitcoin rose in value, we receive more email request. Just today, a mining company invited us to a meeting and said they are interested in purchasing 18MW of electricity.”

Located in the south of Iceland, Hitaveita Sundurnesja is a Geothermal energy plant. The area is home to many cryptocurrency mines. It is reported that electricity consumption will increase to about 100 MW. 

Because of its natural resources and cold weather, Iceland is a new paradise for cryptocurrency industry. However, not everyone is pleased with this new development. Iceland's Pirate Party lawmaker, Smari McCarthy said, 

“Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government.These companies are not doing that and we might want to ask ourselves whether they should. We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for human outside the realm of financial speculation.”

Iceland’s loose regulation is understandable. The recession in 2008 had a heavy impact on Iceland and their banking system. 

Many have been disappointed with cryptocurrency in recent month. However, while Iceland’s economy has recorded, it may not be wise to give up cryptocurrency so quickly. 

    Adapted from: CoinTime Executive editor: Angel
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