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Bitcoin mining to use more electricity than homes in Iceland

Signal of change / Bitcoin mining to use more electricity than homes in Iceland

By Shola Powell / 06 Apr 2018

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.

So what?

As the crypto-currency mining industry continues to grow worldwide - and with the launch of The Moonlite Project, a large data centre that will mine crypto-currencies in Iceland - the questioning of providing energy for the industry will become more important.

Iceland’s energy is nearly 100% from renewable sources, but balancing demands on it remains an important factor in its sustainability. 

Beyond energy, what will the rise of crypto-currency mining be on economies? It requires almost no staff, very little capital investments and mostly leaves no taxes.


What might the implications of this be? What related signals of change have you seen?

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