According to a recent forecast by several local firms in a recent interview with the ‘Red Herring’ mentioned that Iceland would be soon shifting to the blockchain based businesses away from the crypto mining sectors. Chairman of Reykjavik-based Borealis Center ‘Halldor Jorgensson’, in the interview told thatnativecrypto and blockchain facilities are “shiftingadditionally moretowards the pure blockchain business,”instead ofspecialising inBitcoin mining.
As per Halldor, thebuzzaround Bitcoin [BTC] mining has declined toa levelthat’s“not as profitableas itwas a few monthsago.” Despite that, the chairmanadvisedthat the Bitcoin mining “wave” has contributed to thequickestgrowth ofnativeenergy anddataindustries, whose well-developed infrastructureswould be nowexpectedto supplya lift to the blockchain-related businesses.
Iceland has becomeone amongthe leaders in crypto miningbecause ofits naturally cold climate,along with theabundance ofefficientrenewable energy sources. The country is hometo at least oneof the world’sfivelargest crypto mining farms, whose current operator Genesis Mining is reportedlythe primarilylargestconsumerof electricity in Iceland.
Earlier inFeb.,the business development manager ofa nativeenergyproviderHS Orka ‘Johann Snorri Sigurbergsson’,foreseenthatthe extentof crypto mining in Icelandcandoubtlessdouble in the year 2018.
Even earlier in July, the CEO of Asgeir Margeirsson [HS Orkas] claimed that thetradeof crypto mining has pushed the fourth revolution of this era,whereasthe director of the Icelandic Institute for Intelligent Machinesdeclaredthat Bitcoin minersare subjected tocentral industrial revolutionthat’sstillunderneath way.
However, HS Orka’s Sigurbergssonconjointlyargued that Bitcoin probably won’t be hereso muchintothe long run, claiming thatthe infocenters thatarepresentlyutilised byminerswouldeventually become new technology incubators.
Another blockchain technologycluster‘Bitfury’ in a recent press release alsorevealedthe launch of its new-generation BTC mining hardware, with plans to use the new machines in its mining centers in Norway, Iceland and Georgia.