Iceland expects to use more electricity mining bitcoin than powering homes this year


“Bitcoin mining tools, which primarily consist of large computers, servers, and cooling devices, will use around 840 gigawatt hours of electricity this year. The country’s homes, collectively, use about 700 gigawatt hours per year. I

Iceland has become a haven for cryptocurrency miners in part because of its cheap electricity. Prices are contained because nearly all of the country’s energy comes from renewable sources, prompting more mining companies to consider opening operations in Iceland.

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