Iceland Bitcoin Mining to Double Energy Consumption This Year

Iceland is known to be the best place for crypto mining and this is mainly because of the friendly cold weather and also the extremely cheap electricity available. But it has been reported that this year, energy spent on crypto mining will exceed that normal domestic usage.

There is a possibility that Iceland may double to 100 megawatts because of the way electricity is now used. Johann Snorri Sigurbergsson, Hitaveita Sudurnesja’s business development manager says that he never thought something like this could happen in Iceland. He claims that bitcoin has boosted and they have got a lot more work to do because they have a company that is willing to buy 18 megawatts.

Powering southwestern Iceland, Hitaveita Sudurnesja is a Svartsengi-based geothermal energy plant where some bitcoin miners live which is why there is more usage of electricity. These are also one of the things that are doubling energy consumption.

Mining is one of the most precious things for bitcoin. If you are into bitcoin then you would know they take mining very important. This whole idea is they know it is not an easy task and because of the scarcity and the issues of mining block, confirming transactions, block chain or distributed ledger. These are the things that make the job harder.

Cool weather and a lot of energy is very essential for mining which is why Iceland is the best place for bitcoin mining and thus, they have all these natural resources. Pirate Party legislator Smari McCarthy claims that in Iceland, companies like this are supposed to pay a certain amount of tax to the company which some certainly don’t. They claim that they are producing hundreds of megawatts which are not physical and does not do any harm to people.

Iceland has been known to have some pretty bad financial problems. They had a recession in 2008 which had bad impacts and these went to their bank system. Three of their biggest banks defaulted and this was one of the worst economic histories ever.

This may be an opportunity the Iceland government would take since it has been suffering from financial issues. Many people may have seen the disadvantages of the digital assets and the fact that people don’t understand it too well.