Iceland is one of the countries that focused on cryptocurrencies lately – more specifically – the cryptocurrency mining. The truth is, Iceland suffers from an abundance of renewable energy which is why the lawmakers have turned to cryptocurrencies in order to tackle the electricity challenges.
According to Smari McCarthy who is a lawmaker in Iceland’s Pirate Party, a great way to regulate everything would be to tax Bitcoin mines. As ABC News reports, the lawmaker has an initiative that will find support only because of Iceland’s skepticism about financial speculations (especially after the banking crash that happened in Iceland in 2008).
There are many companies that are creating values that pay taxes under normal conditions, McCarthy told The Associated Press. She also noted that the town of Keflavik has already attracted many virtual currency miners who are building construction sites on the town’s outskirts.
Some people in Iceland expect the mining to double – and with that double the country’s energy consumption to more than 100 megawatts which exceeds the limit used for 340,000 households in the country. This is why McCarthy suggests tax measures – and how she predicts the development to be legally regulated in the future.
Meanwhile, Mjolnir is another destination in Iceland with big mining farms and tall metal fences. While the data centers in Iceland are designed so that they make most of the regular wind on the peninsula, the walls allow cold air to cool the equipment.
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