Iceland cuts electricity for new Bitcoin miners

Icelandic state-owned electricity company Landsvirkjun has cut power to supply more industries, including aluminum smelters and bitcoin miners.

A spokesperson for the power company said: “One of the problems, including the problem with the power plant, the low water level in the warehouses and the problem with the external suppliers, forced us to reduce distributing electricity to bitcoin miners and more malls in the southwest. increase the power.

For a long time, the country favored the mining industry because of its geothermal energy resources, which make it possible to produce electricity cheaply and efficiently. However, according to Landsvirkjun, the mining industry's new energy demand will be ignored indefinitely from December 7.

Hive Blockchain Technologies of Canada, Genesis Mining and Bitfury Holding are three of the largest Bitcoin mining companies to have opened in Iceland.

Over the years, miners have worked hard to keep the promise of environmentally friendly Bitcoin mining in Iceland. In 2013, Cloud Hashing moved 100 miners to Iceland. In November 2017, Austrian company HydroMiner GmbH raised $ 2.8 million through an Initial Initiative (ICO) to modernize miners directly at a power plant in Iceland.

Less than 1% of national electricity is produced by non-renewable energy sources.

The country's aluminum smelting industry has been affected by insufficient electricity distribution. On December 7, lead prices rose 1.1% to offset recent demand and supply by tight current electronics.

By 2021, the green blockchain strategy will become a global success. At the COP26 conference in Glasgow, Scotland, people wanted to discuss energy-intensive Bitcoin mining. At this conference, the GloCha United Nations Citizen Organization (UCO) was formed, which will use blockchain technology to achieve climate change goals.