Iceland is becoming another destination for the mining of bitcoins and other cryptocurrencies, anticipating that they could spend more energy in this work than the one used domestically.

Large cryptocurrency mining companies are arriving in the arctic country due to the provision of renewable, geothermal and hydrological energy, as well as the low temperatures that allow optimal cooling of these high power consumption equipment.

McCarthy, who is a parliamentarian, co-founder of the Icelandic Pirate Party and Internet activist, told the news agency that under normal circumstances companies pay taxes to the state, but that the blockchain mining industry is not doing so, which is why considering imposing fiscal responsibilities on these companies.

McCarthy maintains his distrust regarding the role that cryptocurrencies could play in the Icelandic market. "We are spending hundreds of megawatts on producing something that has no tangible existence and has no real use outside of financial speculation. That can not be positive, "he said.

The geothermal plant in Svartsengi that began to receive emails from mining companies began a few months ago, a fact that it attributes to the exponential growth of the bitcoin price. The executive said he came from a meeting with a mining company that was looking to acquire 18 megawatts a year.

According to the source, the mining centers are designed to allow the cold wind of the peninsula to enter the site to cool the equipment, with some parts of the structure without walls. One of the participating mining companies is the renowned Genesis Mining, which was founded in Germany and moved to Iceland in 2014.

Iceland witnesses the migration of mining companies as well as other regions that offer cold climates and low costs for renewable energy services, such as the state of New York, which through energy corporations is granting permits and various benefits for the companies in this industry, like Switzerland, where the Alpine Mining company is making similar efforts.

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