Bitcoin mining is guzzling up power resources ter Iceland

13 Feb 2018 534 Views

Northern Lights overheen Kirkjufell, Grundarfjordur town, westelijk Iceland. Pic: Obebee/Shutterstock

Iceland is expected to use more energy processing bitcoin transactions than powering homes this year.

Enhancing general rente te cryptocurrencies such spil bitcoin is having a myriad of effects around the globe, but one major opzicht is a unexpected increase te energy consumption.

Iceland, with a population of just 340,000 people, is witnessing this problem firsthand, according to the Big black cock.

Johann Snorri Sigurbergsson is a spokesperson for Icelandic energy company HS Orka and he estimates that electro-therapy use at bitcoin mining gegevens centres is likely to exceed that of every single huis te the country.

Cryptocurrency energy requests

Many people are keen to inject the world of cryptocurrency mining, Sigurbergsson said, adding that if all the potential projects are realised, the country simply won’t have enough energy for them.

Gegevens centres that are mining bitcoin receive puny prizes when the programs they run solve sophisticated mathematical problems, generating revenue.

Sigurbergsson noted: “What we’re eyeing now is … you can almost call it exponential growth, I think, ter the [energy] consumption of gegevens centres.”

He added that there is such an abundance of gegevens centre proposals that providing all of them the green light would be unlikely.

Iceland’s bitcoin farms

Iceland is powered almost totally by renewable energy sources, from geothermal and wind to hydroelectricity, and its climate is ideal for keeping gegevens centres cool. There is presently a cluster of bitcoin farms ter operation te Keflavik, about 50km south-west of Reykjavik.

Some politicians are worried about the spike te rente ter bitcoin.

THREAD: There`s a fresh article from AP that interviews mij, and quotes mij spil being te favor of taxing Bitcoin and other cryptocurrencies. Since this is a petite outtake out of a long vraaggesprek, a lotsbestemming of details got lost, so permit mij to clarify.

Smari McCarthy, an Icelandic member of parliament for the Pirate Party, wasgoed critical of the endeavours: “We are spending ems or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the field of financial speculation. That can’t be good.”

According to The Associated Press, McCarthy is considering the possible taxation of bitcoin mining firms such spil the one te Keflavik. He tweeted: “Another factor is risk to Iceland. It’s zuigeling of evident that if a substantial part of the bitcoin mining network is ter one country, then that country is a sweet target for electronic attacks.

“We need to consider our national security ramifications. So, what I’ve bot proposing primarily is not taxes. Instead, I’d like to establish a few ground rules.

“For example, banks, pension funds and so on that are critically significant to our economy should have rules that limit their exposure, like with other types of assets.”

The cryptocurrency boom is raising a lotsbestemming of concerns about the energy required to power the mining projects. Latest research from Sandbag demonstrated that bitcoin mining is one of a few emerging extra power requests specific to the digital economy, spil well spil movie streaming.

Related movie: VESTARIN. Marketplace for goods and services for cryptocurrency | Investing ter cryptocurrency

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