Iceland’s Mining May Not be Going Anywhere Anytime Soon

Iceland has made to the top of the crypto news several times, with the most recent one about its shift from crypto mining to a more entrepreneurial approach towards blockchain. Although the reality still remains ungauged, the Icelandic Blockchain Foundation has a different view regarding the matter. According to the Foundation, crypto mining “still has exceptionally high interest in activity in Iceland.”

Talking to Blockpublisher, when asked if Iceland’s part in the crypto space is really moving from crypto mining towards “pure” blockchain businesses, Icelandic Blockchain Foundation replied:

It (blockchain mining) will not taper away anytime soon.

Hence signifying that crypto mining is still popular in the energy-sufficient country, and is here to stay. However, the Foundation also continued:

We are seeing companies shift towards adopting blockchain technology with private chains or even via the ICO route.

Hence, not entirely denying that blockchain related startups are also catching attention.

Icelandic Blockchain Foundation works in Iceland to create a positive impact of cryptocurrencies and the blockchain technology in Iceland. It advocates for parliament and government agencies to pass fair and clear laws on cryptocurrencies and the blockchain technology, and creates awareness about the benefits of cryptocurrencies and blockchain technology among the people as well as the government.

Iceland is famous for being one the biggest hubs of crypto mining. Due to cheap renewable energy available in abundance and the fairly cool climate of the country, Iceland has benefited from the development of massive mining farms. It was estimated earlier this year that the energy used for mining in Iceland surpasses the amount of energy supplied to the country’s residences.

Earlier, Halldór Jörgensson, chairman of Borealis Data Center, claimed that Iceland is prepared to pursue other blockchain-related business ventures.

With an increased interest of the international communities towards blockchain, and blockchain being among very useful technologies, it will not be surprising to see Iceland move ahead in further adoption of the technology. It is already prevalent in the countries, who although have restrictions on cryptocurrencies, but are keen to use the blockchain technology to its fullest. Perhaps Iceland will be able to proceed with mining cryptocurrencies at a large scale along with establishing new blockchain-based companies in the coming time.

Qirat Ayaz

Passionate about robots and how the robotics is changing everything around us. Writes about startups in the blockchain space. Contact the editor at editor.startups@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.