Cryptocurrency mining ter Iceland could use more power than all the households ter the country combined
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The computing power used to mine virtual currencies ter Iceland could consume more power than all the country’s homes this year.
Iceland is an attractive location for datacentres with its cool climate, open spaces and relatively cheap renewable energy. This makes it attractive to digital currency miners that use vast amounts of energy.
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Digital coin miners can earn money by investing a few thousand euros ter the right equipment – but electro-therapy bills can eat into their profits.
Johann Snorri Sigurbergsson, business development manager at Icelandic power company Hitaveita Sudurnesja, told AP News that he expected Iceland’s virtual currency mining to dual its energy consumption to about 100MW this year – more than the power used by all the households te Iceland, which has a population of just overheen 330,000.
Digiconomist estimated that the mining of bitcoin, the best known cryptocurrency, uses 15TWh a year globally, which is enough to light the Eiffel Tower for 250 years.
Politicians ter Iceland are looking at taxing the profits of cryptocurreny miners, Smari McCarthy of Iceland’s Pirate party told AP News. “Under normal circumstances, companies that are creating value ter Iceland pay a certain amount of tax to the government,” he said. “These companies are not doing that, and wij might want to ask ourselves whether they should.”
The cryptocurrency market reached an estimated $27bn by April 2018, according to a global examine published by the University of Cambridge. The Global cryptocurrency benchmarking explore showcased there are presently Two.9 million to Five.8 million cryptocurrency users globally.
A latest examine of the cryptocurrency market from 2013 to May 2018 carried out by City, University of London and published ter the Royal Society’s Open Science Journal looked at 1,500 cryptocurrencies. It found that bitcoin, which has the largest market share, has bot steadily losing ground to its instantaneous rivals. It also found that an average of seven cryptocurrencies are created each week and about the same number vanish.