Tag Archives: Iceland

Bitcoin mining moves to Iceland: Cryptocurrency hotbed emerges | City & Business | Finance

In fact, so big is the industry, more green energy will be using creating the cryptocurrency than powering homes this year. The MoonLite Project is to be set up in Iceland and will run data centres to mine high value cryptocurrencies to take advantage in the current boom. Operations will focus on efficiency by employing […]

Iceland will soon use more energy mining bitcoins than powering its homes

Updated February 14, 2018 17:11:19 Photo: The small island nation’s near 100 per cent renewable energy and cold climate make it an ideal cryptocurrency mining destination. (Unsplash: Jonatan Pie) The amount of power used to mine bitcoin in Iceland is set to overtake the country’s entire domestic power usage this year, a local energy company […]

How Iceland became the bitcoin miners’ paradise | World news

The island nation is the first to use more electricity on mining cryptocurriencies than on its households – thanks in part to its magma-fuelled power plants A geothermal power plant at Grindavík, Iceland. Photograph: Javier Larrea/Getty Images/age fotostock RM Bitcoin’s price may be down more than 50% from its highs in December, but no one […]

Cryptocurrency mining in Iceland is using so much energy, the electricity may run out

Iceland’s Svartsengi power plant. (HS Orka) The value of bitcoin may have stumbled in recent months, but in Iceland it has known only one direction so far: upward. The stunning success of cryptocurrencies around the globe has had a more unexpected repercussion on the island of 340,000 people: It could soon result in an energy shortage in the […]

Bitcoin energy use in Iceland set to overtake homes, says local firm

Image copyright AFP Image caption Nearly 100% of energy in Iceland comes from renewable sources Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said. This year, electricity use at Bitcoin mining data centres is likely to exceed that of […]

Bitcoin energy use in Iceland set to overtake homes, says local firm

Image copyright AFP Image caption Nearly 100% of energy in Iceland comes from renewable sources Iceland is facing an “exponential” rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said. This year, electricity use at Bitcoin mining data centres is likely to exceed that of […]

Iceland to use more energy mining bitcoin than powering its homes

@arge clouds of steam rise into the sky from the Svartsengi geothermal power station  (Picture: AP Photos/Egill Bjarnason) Iceland is expected to use more energy mining bitcoin than powering its homes this year. Large virtual currency mining companies have established a base on the island, which has an abundance of geothermal and hydroelectric power plants. […]

New gold rush: Energy demands soar in Iceland for bitcoins

KEFLAVIK, Iceland –  Iceland is expected to use more energy mining bitcoins and other virtual currencies this year than it uses to power its homes. With massive amounts of electricity needed to run the computers that create the precious bitcoins, large virtual currency mining companies have established a base in Iceland, a chilly North Atlantic […]

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