Iceland, Bitcoin & the Future

posted on

2 min

After they consumed nearly as much energy as all of Iceland’s households combined, Bitcoin miners may return something to the community that housed them. Iceland is looking toward projects that need the same kind of infrastructure that Bitcoin miners rely on, such as self-driving cars or automatic translators.
Bitcoin “probably won’t be here far into the future” said Johann Snorri Sigurbergsson, business development manager at the HS Orka power plant in Iceland, which provides electricity to the data centers that miners use. But the centers themselves will become new technology incubators, and “that’s the bet we’re making,” he said.
As we all know, mining for Bitcoin requires lots of energy, both to do the actual mining but also to cool the enormous computers used to crack the codes that release the limited supply of Bitcoin. Iceland estimates the industry will consume more than 100 megawatts by the end of the year.
The island became a magnet for the practice once miners figured out that the place is very cold and that electricity there costs a lot less than in most other places. Iceland’s cheap energy has already drawn other power intensive industries, such as aluminum smelting.
It’s not clear what will happen with bitcoin and other digital currencies. From bitcoin soaring to $19,000 late last year to crashing to less than $6,000 last week. In the last couple weeks, many other forms of cryptocurrency have collapsed entirely.
[cta_en link=”″ name=”Trade now”][/cta_en]

general risk warning

CFDs are complex instruments and entail a high risk of losing money rapidly due to leverage.

79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

NOTE: This article is not an investment advice. Any references to historical price movements or levels are informational and based on external analysis and we do not warranty that any such movements or levels are likely to reoccur in the future. Information regarding past performance is not a reliable indicator of future performance. Forecasts are not a reliable indicator of future performance. In accordance with European Securities and Markets Authority's (ESMA) requirements, binary and digital options trading is only available to clients categorized as professional clients.


you may also like