Industry insiders from Iceland reported that in the near future cryptocurrency industry of Iceland will move from mining activities to “pure business on the blockchain”.
Halldor Jorgensson, Chairman of the Reykjavik data center Borealis, said that at this time in Iceland with the local cryptocurrency startups and mining companies has been an increasing demand for “the transition towards clean business on the blockchain-technologies”, in contrast to last year’s concentration of digital businesses in the industrial mining of cryptocurrencies.
According to Jorgenson, the hype over bitcoin mining subsided, and the excitement, which was observed at the end of 2017, when the rate of bitcoin has set its last record price, over. However, as noted by Jorgenson, the growth of dedication to the bitcoin mining in Iceland assisted the rapid development of local energy sector, IT-companies and data centers. It is reported that at the moment in Iceland, developed quite the blockchain and IT infrastructure, which will stimulate the development of the blockchain-business in the country.
Due to the natural cold climate and plenty of cost-effective renewable energy sources Iceland in the shortest time became one of the world leaders in the field of cryptocurrency mining. The country has attracted a large number of the world’s largest mining centres, which have become one of the largest consumers of electricity in the country.
Icelandic energy experts note that the mining-boom, “most likely is a temporary phenomena” and explain that the data centers used by the miners, will become nothing more than incubators of new technologies.