Iceland Bitcoin Mining Farm Utilizes Geothermal Energy Production to Offset Crypto Costs
Iceland Mining Farm Presents Energy Use Problem
The crypto space has traditionally been an opportunistic advancement for the common man. With enough interest and some technological knowledge, nearly anyone can grab onto the industry and try to make their fortune. This is especially true when it comes to the crypto mining business, which was once dominated by simply mining rigs run by computer geeks in the early 2010s. But as Bitcoin and the entire crypto space grew up and advanced, the mining process was largely dominated by big companies all over the world with the technology and funding to run extravagantly large operations.
But according to some sources, one major mining operation in Iceland is being run by a math teacher with a creative concept. The crypto enthusiast has been running her own crypto mining farm, and opened up recently to interviewers on her methods for competing with the bigger operations while still remaining a relatively small-scale crypto mining organization. The math teacher outlined that she pays money to farmers in her area in exchange for the excess energy produced from their farming process, which is used by the miner to maintain her operations.
Authorities in the area are concerned, though, about the high usage of energy coming from the area. A host of negative effects could be seen on the environment though an overuse of power. This would be a huge issue for the country, which draws much of its GDP from tourists who come to experience the incredible views and untouched environment of the small nation.
A Unique Strategy
The crypto miner outlined that the crux of her unique strategy for mining cryptocurrency is her reliance on excess and unused storage space and energy to subsidize operations. According to her, farmers “have a lot of storage space,” which means that they can easily just move the mining equipment to the farmer’s location for both storage and energy. This cuts down on storage costs and minimizes the amount of energy that she has to purchase at normal rates.
This is very important, seeing as the crypto mining industry has faced significant criticism lately because of its use of enormous amounts of energy. Current estimations find that Bitcoin mining alone uses around 22 TWh of energy every year. This is the equivalent of the amount of electricity the entire country of Ireland uses each year.
Environmental issues in Iceland could potentially drive some crypto mining operations out of the country. This might not be an issue for small-scale projects like this math teacher’s, but could spell legitimate trouble for the country if the bigger operations like Genesis and BitFury decide to pack up and move to a more accepting regulatory jurisdiction.
At the moment, the country is allowing what they call to be a “mutually beneficial” mining operation. But as environmental concerns continue to be expressed by both citizens and scientists, their excitement could quickly turn into regulatory action, which could spell big trouble inside of Iceland’s growing mining industry.