This renewable energy made Iceland a cryptocurrency miners' paradise

Iceland is famous for its awe-inspiring scenic beauty, it's hot springs and its blue lagoons. The temperature hovers around -20 to 0 °C during winter seasons. But underneath its surface lies a network of volcanic channels which regulate hot gases, water, and magma.

Iceland lies on top of the mid-Atlantic ridge which has a high concentration of active volcanoes. A large volume of hot water, magma, and hot gases are constantly getting pushed out onto the earth's surface. These factors make Iceland one of the world's most geothermally active places which leave this country with a never-ending supply of this renewable Geothermal Energy resource.

(Image Source : Link 1 & Link2

What is Geothermal Energy and why it is a renewable energy source?

Geothermal energy uses steam from hot boiling water underneath the earth's surface to spin a turbine. Once the heated water attains its normal temperature, it is sent back to the volcanic roots underground to heat up again. Since this cycle can be repeated over and over and the pollution involved in this process is very limited, it is considered renewable.

How Icelanders are using geothermal energy?

• Heating spaces: Every year, Icelanders save millions of dollars by using the geothermal power to heat their homes and office areas. Today, Geothermal energy is used for heating over 90% of Icelandic homes.

• Generating electricity: Geothermal energy has enabled Iceland to save billions of dollars by cutting imports of fossil fuel like coal and crude oil. Primary energy requirement of Iceland is majorly depended on Geothermal energy which is contributing about 65% of its energy requirements compared to 20% from hydropower and 15% from diesel and petrol. It is the only countries in the world where electricity generation is 100% renewable.

Why Iceland is a heaven for cryptocurrency miners?

• The answer is cheap electricity. Cryptocurrency mining is getting so popular in Iceland that the electricity required to mine coins is overshadowing the electricity required to power houses. The electricity generated from the renewable resources makes the power very cheap, which allows cryptocurrency miners make higher profits compared to other countries as they run their mining rigs 24/7, 365 days a year.

Genesis Mining's Mining Farm in Iceland ( Image Source : Link )

• The Arctic environment also plays a major part as it reduces the need to buy expensive power consuming air conditioners. It saves a lot of money to hire hundreds of people to look after these mining centres.

Bitcoin’s price may be down at the moment, but it has not stopped Iceland to reshape its economy by generating revenue from cheap electricity. The demand for the cheap renewable electricity is increasing every year in Iceland and it is slowly becoming a win-win scenario for miners and the Icelandic government.

Overall, I think that Iceland's effective utilization of renewable energy resources should serve as an example for all the countries around the world.

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