Iceland’s Bitcoin Crypto Mining Hot Spot to Consider “Pure Blockchain Business” Shift

Iceland May Shift To “Pure Blockchain Business”

Iceland’s crypto industry is heavily reliant upon crypto mining. However, there are insiders who claim that the country is currently shifting to a “pure blockchain business.” Industry insiders spoke with a news site called Red Herring on September 23.

Chairman of Borealis Center, Halldor Jorgensson reported to Red Herring that there is currently a high demand from local crypto and blockchain facilities to shift towards the pure blockchain business.

Jorgensson also stated that the BTC mining frenzy declined to a level that is “not as crazy as it was a year ago” when cryptocurrency reached its all-time high in price. Even so, Jorgensson suggested that the mining wave contributed toward faster growth of local energy and data centers, infrastructure that is expected to provide a boost to blockchain-related businesses.

Iceland is one of the most significant leaders in crypto mining due to the country’s naturally cold climate and the cost-efficient energy sources such as geothermal and hydroelectric. Further, Iceland has one of the five largest crypto mining farms, such as Genesis Mining.

Johann Snorri Sigurbergsson, a business development manager at a local energy supplier, HS Orka, predicted that crypto mining’s volume in Iceland will double in 2018.

Asgeir Margeirsson,, HS Orka’s CEO further reported that the crypto industry has led to a “fourth revolution.” However, not all feel the same way. HS Orka’s Sigurbergsson also stated that Bitcoin “probably won’t be here far into the future.”