Bitcoin mining in Iceland may use more electricity than households

Iceland’s crypto miners are likely to consume more electricity this year than all of the country’s homes, according to a local energy firm HS Orka.

Mining of cryptocurrencies is booming in the land of fire and ice, due to low-cost energy. More and more potential customers are ready to get in on the act, according to Johann Snorri Sigurbergsson, the company’s development manager.

“If all these projects are realized, we won’t have enough energy for it,” Sigurbergsson told BBC, referring to numerous new data centers that had been proposed.

According to Sigurbergsson, bitcoin mining in Iceland annually consumes around 840 gigawatt hours of electricity in powering computers and cooling systems, while the country’s households use about 700 gigawatt hours.

Iceland has seen a significant increase in the number of new data centers, as most of the mining firms are seeking to flaunt their green credentials. Nearly 100% of energy in Iceland reportedly comes from renewable sources.


Author: Rayan M

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