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.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
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“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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