Mining bitcoins will leave Iceland without light

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Photo: Dado Ruvic / Reuters

Iceland runs the risk of interruptions in energy supply due to the massive fascination with the mining of cryptocurrencies in the country. To such conclusion the energy company HS Orka, reports BBC News.

According to the representative of HS Orka Johann Sigurbergsson, in the case of implementation of numerous projects of data centers, which will deal with mining, electricity in their power to spend more than the supply of residential premises.

By the firm’s calculations, the total consumption of data centers electricity will be 840 gigawatt-hours per year, compared to 700 gigawatt hours, going to the food houses.

In Iceland it is advantageous to install the equipment for mining for several reasons. First, in the state in the North Atlantic year round is cool weather, so companies and individuals can spend less on cooling equipment. Secondly, the country has high-quality channels of a fiber optic connection.

In December 2017 the British portal of Power Compare calculated that at the current rate of growth of costs of electricity to mining bitcoins by 2020, all electricity in the world will be consumed by mining cryptocurrency.

According to Digiconomist currently on the production of cryptocurrencies account for about 31 terawatt-hours a year, which is about 0.14 percent of the total elektroprovodka the world. The share of expenditures may seem insignificant, but this is more than the cost of entire countries, such as Ireland or Nigeria.

Video, photo All from Russia.



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