Iceland Might Use More Electricity To Mine Bitcoins In 2018

The cryptocurrency industry is gripping and gaining popularity the world over. The obsession for the digital currency seems to be going a bit far in Iceland. The electric company in Iceland says that it expects the people to use electricity in 2018 to mine more Bitcoins than using it to power their homes.

The officials fear that this could give a big headache to them. They feel that there will not be enough electricity to offer to the proposed Bitcoin mining centers coming up in Iceland. HS Orka, the electricity firm in Iceland, said that if all the Bitcoin mining projects come up, then Iceland would seriously falloff energy.

The Bitcoin mining center needs plenty of computers, cooling devices, and servers. Iceland must provide up to 840-gigawatt hours of energy for the mining centers. Iceland has a population of 340,000. The total energy consumption needed for homes is about 700-gigawatt hours in a year.

The reason why many cryptocurrency mining centers are likely to come up in Iceland is because the electricity is cheap there. This is because all the energy generated is from renewable sources. The government officials have started to take note of this. They are now looking at the value of such operations.

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About the Author: Colleen Kerr

Colleen is a financial reporter, focusing on technology, national security, and all things mobile. Before joining the BitCoinPlussNews, she worked as a staff writer at Huff Post and spent two years as a foreign correspondent in Turkey. Her work has been published in Al Jazeera America, The Nation, Vice News, Motherboard, and many other outlets.

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