How climate encourages Iceland in bitcoin mining
Bitcoin network operations are quite energy consuming. Some countries have found a new way to use their natural resources for cryptocurrency mining.
The whole network consumes 22.5TW of electric power equivalent to 13 239 916 barrels of oil. In average, one requires 20 barrels to obtain one bitcoin. When mining, Bitcoin consumes 40 times more energy than the whole Visa network. Nowadays, cryptocurrency mining directly depends on the energy charge. With China having a pretty cheap electricity rate, it has become one of world’s leaders in terms of mining.
By the way, Nordic countries also have good prospects of cryptocurrency mining. For instance, Iceland applies ice and distinctive low temperature to cool off mining farms. It significantly increases the efficiency and, consequently, the probability of cryptocurrency mining.
Such companies as Cloud Hashing and Genesis Mining Ltd are already using the Icelandic climate as a natural chilling unit for mining.
The rest countries near the polar circle also have a huge mining potential due to severe climate.