bitcoin mining

Icelanders will soon be using more electricity to mine bitcoin than it is used to power every home needs, according to Icelandic energy experts in a statement, Energy used for Iceland's bitcoin mining activity is experiencing "exponential growth," and the effort turned out to use more much more energy than all homes in the country by 2018, Johann Snorri Sigurbergsson from Icelandic energy firm HS Orka told the BBC.

he also said that Orka's HR "will not have enough energy" to supply the new cryptocurrency mining data centers that have been proposed. Bitcoin mining occurs when the computer verifies bitcoin transactions by solving complex mathematical problems, and then receives bitcoin as a reward.

told BBC Sigurbergsson that he estimated that bitcoin mining in Iceland now consumes about 840 hours of electric gigawatts to power up computers and cooling systems each year, while most homes in the country use only about 700 gigawatts a day.

Iceland is a popular cryptocurrency mining destination. Bitcoin mining is thriving in Iceland, where energy is cheap, and internet connections have been using super-fast fiber optic networks, in addition, the cold climate of Iceland plays an important role in ensuring the utility of cryptocurrency does not become overheated or overheated. Mining hardware generates massive amounts of heat, and year-round cold weather of Iceland saves the virtual currency company from additional temperature control costs.

one of the largest cryptocurrency miners in Iceland is Genesis Mining, has opened three mining facilities in Iceland and in 2016. CEO Marco Streng speculates the company may be one of the country's largest single electric power users, rampant cryptocurrency mining in Islanida has prompted the government to consider measures to offset this industry.

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