Iceland’s cool weather, cheap energy and super-fast networks have made the country a popular home for bitcoin mining. Members of the government have proposed taxing profits made by bitcoin mining companies.
The energy used by Iceland’s bitcoin mining market is experiencing “exponential growth,” and data centers may use more energy than all of the country’s homes in 2018, Johann Snorri Sigurbergsson from Icelandic energy company HS Orka told the press.
Bitcoin mining occurs when computers verify existing bitcoin transactions by solving complex mathematical problems, and then receive bitcoin as a reward.
Sigurbergsson said he estimates Iceland’s bitcoin mining tools currently use around 840 gigawatt hours of electricity to power computers and cooling systems each year, while most of the country’s homes use around 700 gigawatt hours.
Bitcoin mining thrives in Iceland, where energy is very cheap, and internet connections use super-fast fiber-optic networks.Trade Bitcoin now
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