Iceland Moving Away from Crypto Mining… Where to Next?

At the beginning of 2018, Iceland made headlines because of its heavy involvement in crypto mining. Because the country is an ideal climate for mining, Iceland is home to one of the world’s largest crypto farms.

But now things are changing; Iceland is shifting its focus. To what? Blockchain technology.

Iceland has rapidly become a leader in cryptocurrency mining, but that doesn’t mean it has been all sunshine and rainbows. Back in March, reports circulated that Iceland was going to use more energy for crypto mining than it would to power its homes this year.

Icelandics worried that energy would deplete trying to accomplish this, but that there were no plans to stop. 

Now there might be. Red Herring reported yesterday, September 23rd, that, in simple terms, Iceland crypto mining is getting the boot; further, the Iceland crypto industry is going to start focusing on “pure blockchain businesses.” 

A lot of people said blockchain would one day surpass crypto, and that seems to be happening. At least, in Iceland it is. According to Halldór Jörgensson, the chairman of the Borealis Data Center, there is an ongoing shift towards blockchain and away from crypto mining happening in the country.

Jörgensson even said the craze around crypto farming (particularly Bitcoin mining) has died down. He said it’s “not as crazy” as it was in 2017.

>> Juventus Football Club will Launch Its Own “Fan Token”

Even though people in the crypto industry have been optimistic about the potentials of blockchain, the technology has come into a negative light recently. 

On September 17th, Jack Ma said that blockchain is going to end up being “useless” if it doesn’t help the environment.

Will blockchain surpass crypto? It’s unclear. Regardless, I’m glad to hear that Iceland crypto mining is slowing down. It’s good that the Nordic island nation managed to become so successful in it, but it could have caused problems. Especially in the future, if it kept up at the rate that it was approaching. 

Featured Image: Depositphotos/© PromesaStudio

Wall Street Insider Reveals His Secret To Blockchain Investing

How Much Do You Know About Cryptocurrency

New Crypto Millionaires Are Created Everyday!

2018 Is The Year Crypto Currency Millionaires Are Made

1 comments
  • tinyurl.com

    Hey there! I could have sworn I've been to this website before but after browsing through some of the post I realized it's new to me. Anyhow, I'm definitely happy I found it and I'll be book-marking and checking back often!

    Reply
Post a Comment
Your email address will not be published. Required fields are marked*