crypto news

Cryptocurrency Mining Sparks Both Hope and Ire in Iceland

Published 2 years ago by Kyle Encina

Cryptocurrency Mining Sparks Both Hope and Ire in Iceland

blokt via

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

Tech Mahindra Eyeing a Blockchain Center for Its R&D Arm

Indian IT giant Tech Mahindra will be using blockchain technology to create innovative enterprise-grade solutions for its global customer base. As per Bloomberg Quint, the company will set up a blockc ... Read More

Member of Parliament Urges UK to Embrace Blockchain After Highlighting Its Benefits

A British MP is urging the U.K. government to embrace blockchain after detailing its benefits and highlighting how it could “empower individuals.” Walsall MP Eddie Hughes has gone all-out in his detai ... Read More

FSA Denies Plans to Make Changes to Regulations Governing Cryptocurrency Exchanges

Japan’s Financial Services Agency (FSA) finally refuted recent reports stating that it plans to make some changes to existing cryptocurrency regulations. The FSA is the government agency responsible f ... Read More

Financial Warrant System for Blockchain to Be Set Up by Eight Major European Financial Institutions

News surfaced of a major collaboration between several European banks and regulators that would use blockchain technology to issue financial warrants. The system, called Fast Track Listing, would allo ... Read More

Supreme Court’s Decision on RBI’s Restrictions May Push Crypto Industry Towards a P2P Model

India’s top court just dealt a major blow to the cryptocurrency industry in the country. The nation’s crypto community was stunned when the Supreme Court refused to overturn the Reserve Bank of India’ ... Read More