Iceland Emerges as the Most Stable Bitcoin Mining Jurisdictions
Iceland’s climate provides natural cooling to heat-producing mining operations, significantly reducing maintenance costs.One European country has emerged as the world’s largest hash rate producer per capita. Owing to cheap electricity, Iceland is one of the first countries to see industrial-scale Bitcoin mining.
According to Bitcoin mining researcher Jaran Mellerud, the country’s entrepreneurial locals can also be attributed to the growth of the sector. The Icelandic bitcoin mining industry is estimated to consume nearly 120 MW, equating to a share of 1.3% of the global hash rate production. Considering the fact that Iceland has a population of only 370,000, it is the biggest hash rate producer per capita. One crucial advantage, as pointed out by Mellerud, is the fact that the Artic nation’s electricity system is in total isolation from the rest of the world.
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