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Icelandic Companies To Give Up Mining For Blockchain — Insiders

16:49 24/09/2018

Crypto industry insiders hold the opinion that Iceland will soon move away from cryptocurrency mining and deal solely with blockchain, Red Herring reports. After the surge of the first cryptocurrency, experts began to predict the decline of the mining industry.


Halldór Jörgensson, the head of Borealis Data Center, posits that the local business is moving towards blockchain technologies rather than having its focus on Bitcoin mining. A year earlier, the country witnessed a significant involvement in crypto mining, while reaching its maximum in December, which coincided with BTC record price — $20,000.


According to Jörgensson, Iceland is more suitable for cryptocurrency mining than any other country in the world: 98% of electricity is generated from renewable geothermal sources. The local power usage effectiveness is 1.03 compared to 1.78 on the continent, meaning that while the price for electricity is $100, users pay only $103. In addition, the northern climate facilitates the cooling process of the mining equipment.


For this reason, many companies open offices in Iceland, among which such mining giants as Genesis and BitFury. Here operates the world's fifth largest mining farm owned by Genesis Mining.


According to the finding presented by Borealis Data Center, the country managed to quickly build the necessary infrastructure for the crypto industry on the crest of mining. Today cryptocurrency mining activity is much lower and there are new demands, therefore the country can cross over solely to distributed ledger technology. Jörgensson claims that Iceland is about to enter the next stage which will transform the local crypto industry.


As a recent study shows, bitcoin mining proved to be more profitable as compared to mining of gold.

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