Due to the recent changes in Bitcoin mining, different parts of the world are different. Bitcoin mining faced with its activities. Iceland was one of the countries that faced a serious influx of miners after China sent all Bitcoin and crypto money miners. Iceland seems to be having a hard time after this influx.
Blow to Bitcoin Mining
The National Icelandic Electricity Company, Landsvirjkun, has begun cutting off electricity to new miners. Power outages to some industries are affecting not only miners but also aluminum-related businesses. Indicating that they had to cut off the electricity of Bitcoin miners and some industries, especially in the South West region, the authorities noted that the reason for this was a malfunction. In addition, it is stated that enough energy cannot be produced due to low hydro resources.
Mining activities have recently experienced a significant increase, thanks to the country’s both geothermal and hydroelectric resources. Many companies such as Hive Blockchain, Genesis Mining and Bitfury Holdings have opened mining facilities in Iceland and are known to have been doing the same business for a long time. In addition, it is stated that Cloud Hashing, HydroMiner and Bitmain also have facilities in the country.
The fact that the miners’ electricity was the first to be cut off when the resources were low, was definitely reacted by Bitcoin miners. This situation has been seen before in countries such as Canada.