As Bitcoin and other cryptocurrencies gain traction with public awareness and societal usage, the incentive to mine coins gets larger and larger. Even with bitcoin in a bear market mining continues to grow in popularity.
For miners, the only expenses they incur are the prices of the energy they use and the cost to maintain the hardware rigs. Miners know that the digital asset will continue to grow exponentially in value as Bitcoin inches closer to its 21 million coin cap and demand becomes more mainstream.
Around the world, mining pools are being formed to combine the computing power of hundreds of machines to earn as much crypto in little time as possible. Cryptocurrency miners are constantly searching for ideal circumstances to maximize their profits. In this world wide search for perfect crypto mining conditions, Iceland has emerged as a top choice.
Iceland has a generally progressive attitude towards digital assets and has been moving toward a cashless society for some time now. As Bitcoin and other cryptocurrencies started garner buzz, it made sense that a country pursuing a plastic over paper ideology when it comes to spending would be more accepting of a potentially radical change like the switch to crypto over fiat.
Most of the energy in Iceland is provided through renewable energy sources. Aside from providing a cleaner environment and more stable ecosystem, Iceland’s green, renewable approach has led the country to having one of the lowest energy prices in the world. Low energy prices light up the eyes of miners from every corner of the Earth, and droves of them have been finding their way to Iceland.
Another key factor to Iceland being a perfect home for large scale crypto mining projects is the temperature. For long portions of the year, the climate in Iceland is cold enough that miners don’t have to worry about air conditioning to cool the mining units, which lowers the overall energy usage and therefore the total cost of mining a Bitcoin.
More than just affecting Bitcoin mining and the overall proliferation of the use of cryptocurrencies, Iceland’s low energy costs have driven the entire tech industry to set up shop all over Iceland. The country has become so energy hungry that it is projected to use more power to mine Bitcoin than it will to power its homes this year.
