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Bitcoin mining to use more electricity than homes in Iceland

by Futures Centre, Apr 6
1 minute read

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.

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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.

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