Iceland could become a new haven for miners

  • Elena Klimovich
  • 16:26 Feb 23, 2023
  • 251
Iceland could become a new haven for miners

A country with political stability and huge reserves of geothermal energy has the potential to become a real refuge for miners.

According to studies, the capacity of energy sources in Iceland is about 120 mW, which is equivalent to 1.3% of the total hashrate. When you consider that the population is only 370 thousand people, Iceland is the unquestioned leader in terms of hashrate per capita.

TOp 10 countries of electricity generated by per capita 2021

The quantity of sources makes Ireland first in the world. In second place is Norway. These two countries can use only green sources.

Iceland: Electricity Production by Source in 2020

The list of cryptocurrency companies working in Iceland is very wide. It is important that the country shows political stability, but also that the authorities support the crypto sphere, considering it an important industry that creates new jobs.

Nevertheless, even in the case of Iceland, resources are not unlimited. The rise in the value of bitcoin at the beginning of the year led to more income for miners and, consequently, more devices. As a result, the needs of cryptocurrency mining companies face limits.

Icelandic miners have repeatedly reported that they can't connect new enterprises. Therefore, we can conclude that the country's capacity will remain at 120 mW shortly.

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