Iceland Says Goodbye To Crypto Mining

Icelandic crypto industry is planning on leaving crypto mining behind and switching to a new ‘’pure blockchain business’’. This crypto news comes right after the chairman of Reykjavik-based Borealis Data center told a local news site that crypto and blockchain businesses are not so focused on bitcoin mining anymore.

Jörgensson believes that the craziness hovering over bitcoin mining has declined and it’s a lot less popular than it was a year ago when the prices reached incredible highs. Now, since the prices are all stabilizing, he believes that bitcoin mining contributed to a lot faster growth of local energy and industries are expected to show a boost to blockchain-related businesses.

Iceland is one of the world’s leaders in crypto mining because there are fantastic conditions to do this business. The climate is naturally cold and there are plenty of natural, renewable energy sources that are mainly geothermal. Iceland is also known for its largest crypto mining farms in the world.

This year in February, the business development manager of a local energy supplier, Johann Snorri Sigurbergsson told he believes that the crypto mining volume in the country will double by the end of 2018. He also noted that bitcoin isn’t really an asset that will be here in 5-10 years because all of the data centers now used by miners will later become technology incubators for something else.

Other companies in Iceland however, are working on a new bitcoin mining hardware and have plans to spread the machines all across the world starting from Canada and Norway.