Iceland is experiencing an exponential rise in Bitcoin mining. As a result, energy use at Bitcoin mining data centres is thought likely to exceed that of all homes in the country, as reported by a spokesperson for Icelandic energy firm HS Orka.
Bitcoin mining involves computers connected to the global Bitcoin network and solving complex mathematical problems, a process which validates transactions between users of the crypto-currency.
Johann Snorri Sigurbergsson at HS Orka expects Bitcoin mining operations to use approximately 840 gigawatt hours of electricity, exceeding the demands of Iceland’s 340,000 population by 140 GWh a year.
