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.
Latest posts by Ryan Littlestone (see all)
- A trader’s view: MXN – Indices – Metals - August 21, 2019
- Big EURJPY expiry pops up out of nowhere – Forex options expiries 21 August 2019 - August 21, 2019
- Forex options expiries 20 August 2019 - August 20, 2019