Iceland may though is criticised by the world to legalise bitcoin mining operation. Rather than it, this has proved to be a total benefit in helping the country deal with its recent economic crash in 2008. Iceland, a island nation in the North Atlantic is limited to natural resources and cold temperatures. However may be this working conditions may not be favourable by the other companies around the world but in the crypto world Iceland has a remarkable impact. The cold temperatures and enormous power supply through its natural geo thermal power plants, Iceland is receiving quite an increased focus from the mining firms.
Iceland And The Crypto Mining Industry
Iceland is looking forward to built a similar kind of infrastructure that bitcoin miners rely on. As reported by EtherDesk earlier, Iceland is grabbing Bitcoin mining farms contrary to previous resistance towards the industry going around in the world. Iceland does not have many commercial outlets and relies mainly on tourism, fishing, and aluminium for revenue. Now, the country is now utilising its cool temperature conditions and have become the most favourable place for the mining industry in a very few time.Mining for Bitcoin requires lots of energy, both to do the actual mining but also to cool the enormous computers used to crack the codes that release the limited supply of Bitcoin.
Iceland estimates the industry will consume more than 100 megawatts by the end of the year.The island became a magnet for the practice once miners figured out that the place is very cold and that electricity there — geothermal and hydropower — costs a lot less than in most other places. Iceland’s cheap energy has already drawn other power intensive industries, such as aluminium smelting.
The business head of HS Orka ’Johann Snorri’ said, the power plant in Iceland that supplies power to several Bitcoin mining organisations, holds a worrying outlook for the pioneer Digital Currency but believes an industry can be built as the newly-built mining centers have positioned Iceland as a data powerhouse.
He Further stated:
“Bitcoin’s may probably not last for forever. But the centers themselves will become new technology incubators, and that’s the bet we’re making.”
Cryptocurrencies And Volatility
The future of Bitcoin and other altcoins seems far, from just than clear. Bitcoin after soaring close to $20,000 USD late last year crashed to less than $6,000 USD starting this year along with whole crypto market in red. The data centers created to enable Bitcoin mining could play a key role in revolutionising the economy of Iceland in mere future. On the other hand Iceland due to its natural hydraulic and thermal power plants providing electricity at much cheap rates is also attracting the aluminium melting industries. Soon the nation is to become one of the world’s largest aluminium producers too.