Booming Bitcoin mining activity of Iceland could turn into even more benefits

Iceland was the cradle of many miners of crypto-currencies, because they are attracted by cool climate and good energy cost country market, which has led some companies to start businesses there.

It's no secret that Bitcoin miners are considered somewhat predatory because they spend almost as much energy as all Icelandic households combined in the mining industry, but it seems that they can help the community after all.

Iceland begins to be interested in other activities that use the same type infrastructure than Bitcoin Mining, such as deep learning applications and standalone cars or automatic translators.

"Bitcoin has won Johann Snorri Sigurbergsson, director of business development at the HD Orka Power Plant, believes that Bitcoin has no future in Iceland, but the facilities that generate the energy Bitcoin uses do.

According to him, the data centers that Bitcoin miners use can be new incubators of technology in the future after the pbadage of "Bitcoin fad". Iceland believes that Bitcoin will consume more than 100 megawatts of energy until the end of the year

An economic puzzle

Everyone does not like Bitcoin in Iceland The presidential candidate, Andri Snaer Magnason, compared the crypto extract to Cryptonite for Superman and stated that it was a diabolical and stupid way of wasting energy. Even with its detractors, the truth is that the cost of cheap energy in the country certainly helps a lot of input These companies consume a lot of energy, as is the case of aluminum smelters.

Icelanders are wary of risky industries I have memories of the banking collapse in 2008, which led the country into the arms of the International Monetary Fund and it was only able recently to repay his debts.

On the other hand, it is clear that Iceland must diversify its economy and rely less on fishing, aluminum smelting and tourism and, as it is already lacking of workers, the country could use less labor-intensive industries and that's where the data centers created for Bitcoin could be useful for other things.

The next revolution in Iceland?

According to specialists, data centers might prove useful after Bitcoin Mining is no longer their main business (though As the price drops, many people believe that Bitcoin will not have d & # 39; future). Currently, there is less supply than demand for data centers, but in the near future, there is a good chance that these data centers can represent a huge growth of the Icelandic economy.

Mining has had an interesting and positive effect on the economy of Iceland.