Iceland is transitioning from mining to a “clean business on the blockchain”

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Iceland is transitioning from mining to a “clean business on the blockchain”

It is expected that soon the cryptocurrency sector of Iceland will take a step away from the hash and proceed to “clean the blockchain— business.” This is the forecast made by a number of local sectoral insiders, which 23 Sep shared this opinion with news site Red Herring.

Halldor Jorgensson, Chairman of the Borealis Data Center in Reykjavik, told Red Herring that is now coming from local projects cryptocurrency and blockchain “movement more in the direction of the net business on the basis of the blockchain” rather than in the direction of mining.

According to Jorgenson, the hype surrounding mining began to decline and “not as crazy as a year ago” when the price of bitcoin has reached a historic high.

Despite this, the President remarked, “the wave” of bitcoin mining contributed to the rapid growth of the local energy sector and industry data and now they are sufficiently developed infrastructure are expected to stimulate the development of business based on the blockchain.

Due to cold climate and numerous sources of renewable energy (mainly geothermal and hydroelectric) Iceland has become one of the world leaders in mining. The country is “sheltered” at one of the five largest global mining— farms, whose operator Genesis Mining is the largest consumer of electricity in Iceland.

In February, Johann Snorri Sigurbergsson, head of business development local business energy supplier HS Orka, has predicted that the volume of mining in Iceland is likely to double in 2018.

In July the head of HS Orka, Asgeir Margeirsson said that the mining industry was the beginning of the “fourth revolution” and Director of the Institute of intelligent machines, noticed that the miners “will play a key role in what is happening now industrial revolution”.

However Sigurbergsson also noted that bitcoin “likely won’t be here long”, explaining that data centers used by miners, will, in the end, the incubators of new technologies.

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