In Iceland for bitcoin mining, more electricity is used than for supplying houses
Mining requires a lot of processing power, which, in turn, requires a large amount of electricity for calculations, which makes the miners receive cryptocurrency.
China and South Korea have already banned mining due to lack of control over fraud and money laundering, and in the case of China, there are also problems with increased electricity consumption by mining farms.
Now one of the most popular destinations for bitcoin mining may face the same problem as large crypto-currency miners who have found a way out of the situation by taking advantage of the rich hydro and geothermal power stations of the island.
“According to the Icelandic National Energy Authority, it is expected that this year the mining will double the energy consumption in Iceland to 100 megawatts, which is more than the households on the island with a population of 340,000 people,” Sunday’s Metro News reported.
In 2014, Oilprice.com recognized Iceland “the biggest energy guzzler in the world”. The country uses more kilograms of oil equivalent per capita than any other state. With most of the world’s energy coming from hydropower and geothermal energy, Icelanders are among the least energy-efficient.