Bitcoin mining to move to ICELAND as new cryptocurrency hotbed emerges

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 AI and custom algorithms.

Their first centre will open in August 2018 in Iceland where costs are low, electrical supply is 100 percent sustainable from hydro, geothermal, and wind sources, and the cool climate eliminates the need for extensive cooling infrastructure.

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Johann Snorri Sigurbergsson, a spokesman for Icelandic energy firm HS Orka, said there were a number of potential customers keen to join the country’s growing ranks of cryptocurrency miners.

He said: "If all these projects are realised, we won't have enough energy for it.

"What we're seeing now is, you can almost call it exponential growth, I think, in the energy consumption of data centres.

Japan’s Blockchain Association and the Cryptocurrency Business Association are planning on forming a self-regulatory board to prevent future hacks, it has been claimed.

The country’s Blockchain Association and the Cryptocurrency Business Association could merge as early as April, according to sources close to the matter.

On Wednesday, Coindesk reported the US Treasury’s Office of Terrorism and Financial Intelligence had “called on the international community for stronger cryptocurrency regulations to help protect the financial system and national security in a speech yesterday”.

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And even stronger language has emerged in recent weeks from nations such as India and South Korea, where a purported ban from Seoul led the cryptocurrencies markets to plummet in January.

Mr Markey said crypto regulation was most likely to come from India “as they seem to the furthest along in the process” amid pressure from the finance sector.

He said: “The banks are the ones that stand to lose the most from people transitioning from the current model of the bank, as the authorising central authority for payments, to what bitcoin and other cryptocurrencies offer which is cutting out that middle man and instead trusting the network of computers or miners that essentially authorise those payments.

“If you take that environment with the banks and say India, is that what is driving it, perhaps in that the banks don’t want to be the ones that suffer from the uptake of this technology and this new financial platform.”

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