Author Topic: Iceland to use more energy mining bitcoin than powering its homes this year  (Read 58 times)

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http://metro.co.uk/2018/02/11/iceland-use-energy-mining-bitcoin-powering-homes-year-7304155/

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Iceland is expected to use more energy mining bitcoin than powering its homes this year.

Large virtual currency mining companies have established a base on the island, which has an abundance of geothermal and hydroelectric power plants.

And with massive amounts of energy needed to run the computers that create bitcoins, it is seen as an ideal base.

Johann Snorri Sigurbergsson, business development manager at the energy company Hitaveita Sudurnesja, said he expected IcelandÂ’s virtual currency mining to double its energy consumption to around 100 megawatts this year.

That is more than households use on the island nation of 340,000, according to IcelandÂ’s National Energy Authority.

I'm happy that Iceland might become the new mining base for bitcoin. They are a democracy, their energy is eco friendly, and they had a horrendous time after the great financial crash, so they deserve some good news.