​Iceland becomes most stable country for bitcoin mining The b | Altcoin Holder

​Iceland becomes most stable country for bitcoin mining

The 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.