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.
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.
The energy utilization by Miningindustry has drastically climbed up the ladder. This would eventually exhaust the resource by double or nearly 100 megawatts in 2018. On the whole it has inflated more than the household consumption in Iceland.
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.
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