An amazing story on cryptocurrency mining from Iceland
We all know cryptocurrency mining is energy intensive but this is astounding.
- Electricity use for mining is set to exceed that of the population’s normal usage
- By the end of 2018 electricity usage by miners will double to 100mw
- Huge construction sites to house mining rigs have been springing up around Iceland
Iceland is a favoured choice for miners due to the fact that it is a great source of geothermal and renewable energy. It’s also flipping cold, which mining farms are utilising to help cool their rigs. One farm building only has partial walls so it can use the cold winds to cool it down.
Aside from the extreme energy usage by miners, it’s what happens after Bticoin is all mined out that matters. Sure, some will move on to new mining opportunities but there’s going to be many who quit. What happens to all the rigs and buildings that have gone up? This new industry should be getting slaughtered by environmentalists.
Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
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Hi Ryan,
So this is where you have gotten to!!
Is it just Bitcoin mining that is going on in Iceland or cryptos in general? With about 1000 + coins in use, there will be plenty of other mining required even after BTC hits 21M.
Good to see / hear you again.
Hi Mick
Good to see you. Yes, this is where I’ve been hiding out. Got a good little crowd developing over here. Some very good traders are posting, although a few of them are on breaks at the moment.
I hope trading has been good for you?
I think it’s probably crypto’s in general but the obvious gold rush is Bitcoin.
Hmm, not bad overall but have had a few right lemons for good measure.
Stuck in a UJ long from many figures ago on ETX so will be watching your posts with interest.
I’m viewing it as scaling in rather than averaging down!!
Now that I know where you are skiving off, I’ll definitely be hanging around. Always enjoyed your take on the market, I prefer straight talk without all the gobbledegook jargon. My motto KISS or KMA
I hope those lemons weren’t too damaging for you.
I’m not bullish on the buck at all I’m afraid, particularly USDJPY. This break of 108 could be very significant. There’s some hope though as 107 is shaping up to be a big level.
https://www.forexflow.live/2018/02/13/orders/107-00-is-looking-a-key-level-in-usdjpy-as-barriers-and-bids-line-up/
It will be good to.have you around sir and thanks for the kind words.