Iceland's climate provides natural cooling to heat-producing mining operations, significantly reducing maintenance costs.
Iceland’s climate provides natural cooling to heat-producing mining operations, significantly reducing maintenance costs.
According to Bitcoin mining researcher Jaran Mellerud, the country’s entrepreneurial locals can also beto the growth of the sector. The Icelandic bitcoin mining industry is estimated to consume nearly 120 MW, equating to a share of 1.3% of the global hash rate production. Considering the fact that Iceland has a population of only 370,000, it is the biggest hash rate producer per capita.There are other countries where crypto miners can find more affordable electricity.
Miners have been operating in the region for nearly ten years without any significant issues with the regulatory watchdogs, potentially making it the most stable Bitcoin mining jurisdiction in the world.“El Salvador may have gotten the most attention in the Bitcoin community from its volcano mining project, but the Icelanders have quietly been volcano mining at a much larger scale for several years.”Iceland’s electricity supply is becoming scarcer over the past few years.
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