Iceland develops into the most stable Bitcoin mining jurisdiction (report)

Iceland develops into the most stable Bitcoin mining jurisdiction (report)
Since then, an enormous change has been carried out in the Bitcoin mining landscape. Various countries have become new ports of the miners. A European country has developed into the world's largest per capita producer of Hash rates. Due to the cheap current, Iceland is one of the first countries that Bitcoin mining experiences on an industrial scale.
According to the Bitcoin mining researcher Jaran Mellerud, the country's entrepreneurial locals could also be attributed to the growth of the industry. The Icelandic Bitcoin mining industry is estimated to use almost 120 MW, which corresponds to a share of 1.3 % in the global hash rate production. In view of the fact that Iceland has only 370,000 inhabitants, it is the largest hash rate producer per capita.
What makes Iceland special?
There are other countries in which crypto-miner can find cheaper electricity. In fact, electricity in Iceland has been a little more expensive in the past than in other Nordic places such as Northern Norway and Northern Sweden. So what makes Iceland a lucrative location?
A decisive advantage, as Mellerud emphasized, is the fact that the electricity system of the Arctic nation is completely isolated from the rest of the world. This obviously protects the actors from global electricity price inflation. In addition, there are no connection lines between Iceland and continental Europe, which prevents Iceland is exposed to the fuel prices, since its entire stream comes from renewable sources.
miners have been working with the supervisory authorities in the region for almost ten years, which may make it the most stable jurisdiction for Bitcoin mining in the world.
mellerud said
"El Salvador may have attracted the most attention in the Bitcoin community through its volcano mining project, but the Icelanders have been tacitly volcanic mining for several years."
second defense line
Island's power supply has been becoming increasingly scarce in recent years. The development of new power plants also seems to stagnate. As a result, electricity assignment for new data centers has become almost impossible.
This can be remedied by building new power plants. But there are only very limited plans for such a development. Iceland is supplied with electricity by volcanoes and waterfalls and is the most powerful country in the world. Therefore, electricity is expected to stay cheap because hydropower and geothermal energy have very low limit costs of production.
Another line of defense of the miners in the small European country against rising electricity prices are long-term electricity-fixed price contracts.
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