Iceland becomes most stable country for bitcoin miningThe bitcoin mining sector is constantly changing, as operators of this type of business strive to find optimal conditions for their operations. Recently, Iceland became one of the first European countries where bitcoin mining has reached an industrial scale.
According to bitcoin mining researcher Jaran Mellerud, the country's bitcoin mining industry consumes about 120 MW, a share of 1.3 percent of global hash rate capacity. Considering the fact that Iceland's population is only 370,000, this is the highest per capita figure.
Curiously enough, electricity in Iceland is slightly more expensive than in other Scandinavian regions like Norway or Sweden. So what makes Iceland such an attractive destination?
One of the most important advantages, as Mellerud noted, is the fact that the Arctic country's electricity system is completely isolated from the rest of the world. This protects its players from global electricity price increases. On top of that, all of the country's electricity comes from renewable sources.
Miners have been operating in the region for almost a decade without any major regulatory problems, making Iceland the most stable bitcoin mining jurisdiction in the world.
El Salvador may have grabbed the attention of the bitcoin community with its volcano mining project, but Icelanders have been quietly mining off volcanoes on a much larger scale for years," Mellerud added.
In addition to volcanoes in Iceland also actively use electricity from waterfalls, so this location is unlikely to stop attracting BTC-miners.
