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.
Continue reading by joining Cryptonary Pro
$1,548 $997/year
Get everything you need to actively manage your portfolio and stay ahead. Ideal for investors seeking regular guidance and access to tools that help make informed decisions.
For your security, all orders are processed on a secured server.
As a Cryptonary Pro subscriber, you also get:
24/7 access to experts with 50+ years’ experience Terms
All of our top token picks for 2025
On hand technical analysis on any token of your choice
Weekly livestreams & ask us anything with the team
Daily insights on Macro, Mechanics, and On-chain
Curated list of top upcoming airdrops (free money)
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut through the noise and consistently find winning assets.
Our track record speaks for itself
With over 2.4M tokens and widespread misinformation in crypto, we cut
through the noise and consistently find winning assets.
Frequently Asked Questions
Can I trust Cryptonary's calls?
Yes. We've consistently identified winners across multiple cycles. Bitcoin under $1,000, Ethereum under $70, Solana under $10, WIF from $0.003 to $5, PopCat from $0.004 to $2, SPX blasting past $1.70, and our latest pick has already 200X'd since June 2025. Everything is timestamped and public record.
Do I need to be an experienced trader or investor to benefit?
No. When we founded Cryptonary in 2017 the market was new to everyone. We intentionally created content that was easy to understand and actionable. That foundational principle is the crux of Cryptonary. Taking complex ideas and opportunities and presenting them in a way a 10 year old could understand.
What makes Cryptonary different from free crypto content on YouTube or Twitter?
Signal vs noise. We filter out 99.9% of garbage projects, provide data backed analysis, and have a proven track record of finding winners. Not to mention since Cryptonary's inception in 2017 we have never taken investment, sponsorship or partnership. Compare this to pretty much everyone else, no track record, and a long list of partnerships that cloud judgements.
Why is there no trial or refund policy?
We share highly sensitive, time-critical research. Once it's out, it can't be "returned." That's why membership is annual only. Crypto success takes time and commitment. If someone is not willing to invest 12 months into their future, there is no place for them at Cryptonary.
Do I get direct access to the Cryptonary team?
Yes. You will have 24/7 to the team that bought you BTC at $1,000, ETH at $70, and SOL at $10. Through our community chats, live Q&As, and member only channels, you can ask questions and interact directly with the team. Our team has over 50 years of combined experience which you can tap into every single day.
How often is content updated?
Daily. We provide real-time updates, weekly reports, emergency alerts, and live Q&As when the markets move fast. In crypto, the market moves fast, in Cryptonary, we move faster.
Recommended from Cryptonary
