Iceland Shifts from Crypto-Mining to Blockchain Business

The industry of Iceland is going to move from mining industry to pure blockchain industry. A number of local insiders have reported about this intention to a couple of media sources.

Halldór Jörgensson, chairman of Borealis Data Center, informed, that the need of the country shifts from mining business to pure blockchain business. So bitcoin mining isn’t a priority anymore.

The frenzy around the bitcoin has declined significantly, especially in comparison with the previous years. Yes, the mining wave has made a great contribution to the country`s economy, but this is the past now, and the industry has to move on.

Iceland has become a cryptomining hub due to its naturally cold climate and renewable energy sources. So, the country is the base for 5 largest cryptocurrency mining farms. And its operator is the largest energy consumer in the country. Recently, specialists have forecasted, that the cryptocurrency mining have has to double just during this year, but it hasn’t happened and will, most likely, not happen.

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