Iceland is ‘Europe’s last Bitcoin mining refuge,’ but concerns emerge

• Iceland has change into the world’s largest hash price producer per capita.
• Nonetheless, environmental considerations are making Iceland’s authorities flip BTC miners away.

On 21 February, Bitcoin [BTC] mining researcher Jaran Mellerud printed a report on the state of Bitcoin mining in Iceland. He famous that the European nation is the world’s largest hash price producer per capita.

In line with Hashrate Index, Iceland has change into certainly one of Europe’s final Bitcoin mining havens. As well as, the island nation has huge quantities of stranded hydro and geothermal power.

The researcher estimated that the nation’s BTC mining business consumes round 120 megawatts of electrical energy. This equates to a worldwide hash price of 1.3%, which isn’t a lot. Iceland, then again, has a inhabitants of round 370,000 folks, making it the most important hash price producer per capita.

Iceland is essentially the most electricity-rich nation on this planet, because of its volcanoes and waterfalls. It generates practically twice as a lot because the second-placed nation on the checklist, Norway, Europe’s largest Bitcoin mining hub. The truth is, the 2 nations are the one ones on this planet which are fully powered by renewable power.

Iceland just isn’t essentially the most excellent for Bitcoin mining

Bitcoin miners have, nevertheless, reported that getting power allocations for brand spanking new knowledge facilities is turning into more and more troublesome in Iceland. This means that the potential for progress will almost certainly stay at present ranges within the foreseeable future.

In December 2021, Nationwide Iceland electrical firm Landsvirkjun reduced the quantity of energy it should present to sure industries, together with Bitcoin mining. The explanations cited for this choice have been a sequence of points, together with an issue at an influence station, low hydro-reservoir ranges and accessing power from an exterior provider.

United Kingdom-based mining group Cloud Hashing relocated 100 miners to Iceland in 2013. HydroMiner GmbH, an Austrian firm, raised roughly $2.8 million in its preliminary coin providing in November 2017 to put in mining rigs immediately at Icelandic energy crops.

The community hash price reached an all-time excessive of 318 exahashes per second (EH/s) this week. It’s now hovering slightly below these ranges, having risen by 25% because the starting of the 12 months.