Iceland Could Use More Energy Mining Bitcoin Than Powering Homes in 2018

15 Febrero, 2018, 05:27 | Author: Arnold Perez
  • Bitcoin Mining Tax

But this process demands an incredible amount of power.

The cryptocurrency boom is raising a lot of concerns about the energy required to power the mining projects.

Iceland provides the latter, but there isn't enough for everyone.

He added that he expects Bitcoin mining operations will use around 840 gigawatt hours of electricity to supply data centre computers and cooling systems, for example.

Now, more of these energy supplies are going to cryptocurrency mining operations, with enough growth foreseen over this year that it will eventually beat out energy consumption from household use.

Bitcoin mining thrives in Iceland, where energy is cheap, and internet connections use super fast fiber-optic networks.

Johann Snorri Sigurbergsson, a spokesman for Icelandic energy firm HS Orka, said there were a number of potential customers keen to join the country's growing ranks of cryptocurrency miners.

Energy use for Bitcoin mining in Iceland this year is expected to surpass the energy use for homes, according to new calculations.

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The sudden demand for energy has overwhelmed Iceland's energy companies.

One power industry representative told AP, "Just today, I came from a meeting with a mining company seeking to buy 18 megawatts".

McCarthy has questioned the value of bitcoin mining for the general public and further contends that the occupants need to consider regulating and also taxing the rising crypto mining industry.

"The value to Iceland.is virtually zero". "These companies are not doing that, and we might want to ask ourselves whether they should".

"We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the realm of financial speculation", he said. That can't be good.

In December 2016, when Iceland was rallying to form an alternative coalition that included the Pirate Party after inconclusive election results, the Pirate Party's founder referred to their platform as the most "favourable" for Bitcoin's path to legality in the country. And it should be noticed that it is quite a profitable activity, especially when performed at a large scale. The picture shows mainly Zeus scrypt miners.

What do you think about the environmental costs of large-scale Bitcoin mining? They typically pay low tax bills, as well.

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