Iceland to shut off power to novel BTC miners
Iceland's national electrical company Landsvirkjun has shut off its supply to aluminum smelters and Bitcoin miners. As per a report from Bloomberg, the island's power utility said that they have been forced to reduce supply to southwestern Bitcoin miners because of a number of factors.
Iceland experiencing power issues
According to the report from Bloomberg, the power issues include problems at a power station, low hydro-reservoir levels, and accessing energy from an external supplier. However, Iceland has attracted a lot of miners due to the abundance of geothermal energy, which can be easily harnessed for renewable energy.However, things seem to be going the wrong way for the Bitcoin miners in the nation. The report says that from Dec 7 to an indefinite period of time, any new requests from Bitcoin miners will not be entertained.
The major firms to be affected by this decision from Iceland are the new ones. Hive Blockchain Technologies, Genesis Mining, and Bitfury Holding have been operating in the nation for quite some time.
Environment concerns prevail
Iceland has been experiencing power issues as Bitcoin miners have been using the nation's friendly nature and sucking the land dry. As per data from Statista, less than 1% of electricity comes from renewable sources.The issue with Bitcoin is that it works on a Proof-of-Work consensus mechanism. This means a huge amount of computation power is needed to verify Bitcoin transactions, and as a result, miners receive BTC tokens as a reward. A number of Bitcoin farms have been set up in Iceland too.
However, the issue is that the computation power needed comes from running mining rigs which use up a huge amount of energy. According to an estimate, mining Bitcoin takes as much as 120 Terawatt Hours (Twh) per year, which is equal to the electricity consumption in countries like Malaysia, Sweden, or Argentina.
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