Bitcoin mining powered by geothermal in Iceland

Bitcoin mining powered by geothermal in Iceland Hellisheidi geothermal power plant, Iceland (source: flickr/ Jon Ragnarsson, creative commons)
Francisco Rojas 7 Oct 2014

Iceland and its geothermal power have given it an unconventional advantage in a very particular industry; Bitcoin mining. An unprecedented amount of "mining" companies are moving to the country.

In a recent article in the International Business Times (IBT), it is stated that Iceland is seeing an unprecedented migration of companies that revolve around Bitcoin Mining.

What exactly is Bitcoin Mining? according to the IBT, it is “the process of solving complex mathematical equations with a computer in order to generate the cryptocurrency – is designed so that the cryptographic algorithms become ever-more complicated as more computers join the network. With the vast amounts of computing power now required to generate Bitcoin, mining companies are moving their operations en masse to Iceland in an attempt to cut costs and make their endevours profitable within this new technological arms race.”

“Iceland offers two key advantages for us – low cost and capacity for growth,” Alex Karis, CEO of Digital BTC, told IBTimes UK. “Iceland has cheap, stable renewable energy, and an abundance of it.

To read the full article, please follow the link below:

Source: International Business Times