• Iceland is the world’s largest hash rate producer per capita.
• Environmental concerns have led to the Icelandic government turning away BTC miners.
• Mining in Iceland consumes around 120 megawatts of electricity, equating to a global hash rate of 1.3%.
Overview of Bitcoin Mining in Iceland
Iceland has become the world’s largest hash rate producer per capita due to its vast amounts of stranded hydro and geothermal energy. However, environmental concerns are making Iceland’s government turn BTC miners away. On 21 February, Bitcoin [BTC] mining researcher Jaran Mellerud published a report on the state of Bitcoin mining in Iceland.
According to Hashrate Index, Iceland has become one of Europe’s last Bitcoin mining havens. The island nation is most electricity-rich country in the world thanks to its volcanoes and waterfalls and it generates nearly twice as much as Norway, Europe’s largest Bitcoin mining hub.
In December 2021, National Iceland electrical company Landsvirkjun reduced the amount of power it will provide to certain industries including Bitcoin mining due to a series of issues such as a problem at a power station, low hydro-reservoir levels and accessing energy from an external supplier. This implies that potential for growth will most likely remain at current levels in foreseeable future.
Cloud Hashing Relocation
United Kingdom-based mining group Cloud Hashing relocated 100 miners to Iceland in 2013 and HydroMiner GmbH, an Austrian company raised approximately $2.8 million in its initial coin offering in November 2017 to install mining rigs directly at Icelandic power plants..
Network Hash Rate
The network hash rate reached an all-time high of 318 exahashes per second (EH/s) this week which had risen by 25% since beginning of year but now hovering just below those levels .