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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“There’s supposedly a limit on there, but where is it written in stone that can’t increase? And of course, the electricity that’s churned out by the miners trying to solve these algorithms is just extraordinary.”He dismissed bitcoin by calling it a black box which is a very complex investment model. Also, Shilling noted that he is very suspicious of many things that are clearly not transparent and said that it is not the best idea to invest in something if you don’t understand it. There are plenty of reasons why bitcoin fails as a currency such as not being a store of value, it’s also not a medium of exchange and it is still not accepted universally.
“All the requirements that you normally have for a currency, it just doesn’t have. The only legitimate use I can think of in bitcoin is off-the-books kinds of transactions, underworld transactions. I just don’t see a legitimate use. It is a game,’’ said Shilling.However, the younger generation of tech millionaires is extremely confident that bitcoin will eventually manage to toss aside all other currencies. Some of them even predict bitcoin to reach a price of $250,000.
‘Time May Be Right’ For Home Crypto Mining: Coinbase CTO
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine.”This is a notable perspective mostly because Srinivasan previously founded 21.co which was a startup that emerged from stealth in 2015 and had an ambitious plan to embed Bitcoin miners in everyday devices- which was then backed by Coinbase Ventures. Following the Coinmine announcement, Srinivasan wrote:
“The big difference with decentralized mining in 2018 is that there are now so many different coins and tokens out there that it’s almost certainly possible to make a profit – or at least mine a decent amount of some crypto – via a decentralized home mining device like Coinmine."As we can see from the above stated, the CTO of Coinbase seems optimistic about Coinmine's ability to add even more coins later, foreseeing a future where the company could play a key role in the launch of new tokens.
“I believe that decentralized mining is an important idea and worth trying again. It’s mining as Satoshi intended: many devices around the world with no single point of failure." Srinivasan concluded.
Crypto Exchange OKCoin Expands To Latin America, Launching A Fiat Market
"We’re aiming to grow throughout the region by bringing institutional and retail traders there an array of trusted trading options so they can buy and sell with confidence,” Buyn said following the official announcement.He also pointed that the Latin American market is extremely important for the exchange as it is for many crypto and blockchain industries.
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