Tuesday February 13, 2018

Bitcoin Mining Energy Use Set To Overtake Homes In Iceland

In a report from the BBC, electricity use at Bitcoin mining data centers is set to exceed that of all Iceland's homes. Johann Snorri Sigurbergsson a manager at energy firm Hitaveita Sudurnesja said "If all these projects are realised, we won't have enough energy for it," and that if they accepted all companies wanting to build data centers in Iceland, they simply would not have enough power. Smari McCarthy, a member of the Icelandic parliament for the Pirate Party, tweeted: "Cryptocurrency mining requires almost no staff, very little in capital investments, and mostly leaves no taxes either. "The value to Iceland... is virtually zero."

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And just to think, many of these people don't realize the increase in difficulty and therefore power that is needed as more cryptocurrency gets mined. Hopefully Johann Snorri Sigurbergsson (fantastic name) can get a handle on it.

Iceland has a small population, of around 340,000 people. But in recent years it has seen a marked increase in the number of new data centres, often built by firms wishing to tout green credentials. Nearly 100% of energy in Iceland comes from renewable sources.