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Cryptocurrency Mining Sparks Both Hope and Ire in Iceland

Published 5 months ago by Kyle Encina

Cryptocurrency Mining Sparks Both Hope and Ire in Iceland

blokt via blokt.com

Cryptocurrency mining has quite an iffy reputation in Iceland as it’s a source of both pain and joy of the local community. Iceland has become a haven for Bitcoin mining due to their favorably cool climate and the cheap cost of geothermal and hydro-powered electricity. While cryptocurrency mining has a notorious reputation for eating up copious amounts of energy, locals still believe that it will soon become beneficial for the country in the long run.

Iceland’s Bitcoin mining data centers could hold the key to the country’s economic growth. This is where the data centers used for Bitcoin mining comes in as its powerful processors are capable of operations beyond just mining cryptocurrency. However, he expressed hope for the cryptocurrency mining data centers themselves and their capability for technology development.

Of course, cryptocurrency mining still has some critics in the region, such as Iceland’s former presidential candidate Andri Magnason who described it as “the most stupid way to waste energy.” Cryptocurrency mining also has a tarnished reputation due to an incident where a local resident was accused of stealing over 600 computers in what came to be known as “Iceland’s Big Bitcoin Heist.” HS Okra power plant CEO Asgeir Margeirsson also believes in its benefits and stated: Meanwhile, the demand for cryptocurrency mining hardware had spiked following a massive incident in China. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

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