Bitcoin electricity use
Iceland may soon use more electricity to mine bitcoin than it uses to power every home, according to an Icelandic energy expert. The energy used by Iceland's bitcoin mining market is experiencing "exponential growth," and data centers may bitcoin electricity use more energy than all of the country's homes inJohann Snorri Sigurbergsson from Icelandic energy company HS Orka told the BBC. Sigurbergsson also said HR Orka "won't have enough energy" to power numerous new data centers that have been proposed.
Bitcoin mining occurs when computers verify existing bitcoin transactions by solving complex mathematical problems, and then receive bitcoin as a reward.
Sigurbergsson told the BBC he estimates Iceland's bitcoin mining tools currently use around gigawatt hours of electricity to power computers and cooling systems each year, while most of the country's homes use around gigawatt bitcoin electricity use.
Bitcoin mining thrives in Iceland, where energy is cheap, and internet connections use super fast fiber-optic networks. Additionally, Iceland's cold climate plays an important role in ensuring crypto utilities don't overheat. Mining hardware generates large amounts of heat, and Iceland's year-round cool weather saves companies from additional temperature control bitcoin electricity use. Genesis Mining, one of the largest crypto miners in Iceland, has opened three mining facilities in Iceland and in CEO Marco Streng speculated the company may be one of the biggest single users of power in the country.
The rise of crypto mining in the country has prompted government members to consider steps to tax the industry. Rosie PerperBusiness Insider. This article is published in collaboration with Business Insider. The views expressed in this article are those of the author alone and not the World Economic Forum. We are using cookies to give you the best experience on our site. By continuing to use our site, you are agreeing to our use of cookies.
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