Iceland, thanks to its cool climate, has great potential to become one of the most lucrative Bitcoin mining spots in the world. European country that provides electricity at pocket-friendly prices, has a climate favorable to natural cooling for BTC mining operations, is notorious for generating too much heat and carbon emissions . Jaran Mellerud, a BTC mining researcher from Arcane Research has called Iceland the most ‘stable’ BTC mining region in the world.
BTC mining activities that have taken place in Iceland over the past ten years. The country’s regulatory watchdogs have also not expressed any issues around BTC mining, leaving Iceland with fairly stable jurisdiction over these activities.
A country of only about 370,000 people, has emerged as the largest producer of hash rate per capita, a CryptoPotato report said citing Mellerud’s findings.
The BTC mining industry in Iceland contributes 1.3% of the global BTC hash rate output with an electricity consumption of 120 MegaWatt.
Failure rate is a measure of how many calculations can be performed per second. Computations of complex algorithms on advanced computers make up the BTC mining process.
According to CoinwarzThe current BTC mining hash rate is 140.00 Terahash per second (Th/s) consuming 3,010.00 watts of electricity.
Meanwhile, Iceland’s electricity system is completely independent and has no connection to the global grid. The country produces all its electricity through renewable sources. According to According to the Icelandic government, 73% of electricity is generated from hydroelectricity while 27% is extracted from geothermal energy.
This protects BTC miners from losing their business due to international electricity price inflation.
The cost of electricity in some parts of the world has increased in recent times, which has severely impacted the cryptocurrency mining business around the world. According to Bloomberg reportBitcoin miners have lost over $1 billion (approximately Rs 8,200) due to rising energy costs and recent crypto crash in 2022.
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