At the beginning of 2018, Iceland made headlines because of its heavy involvement in crypto mining. Because the country is an ideal climate for mining, Iceland is home to one of the world’s largest crypto farms.
But now things are changing; Iceland is shifting its focus. To what? Blockchain technology.
Iceland Crypto Mining No More?
Iceland has rapidly become a leader in cryptocurrency mining, but that doesn’t mean it has been all sunshine and rainbows. Back in March, reports circulated that Iceland was going to use more energy for crypto mining than it would to power its homes this year.
Icelandics worried that energy would deplete trying to accomplish this, but that there were no plans to stop.
Now there might be. Red Herring reported yesterday, September 23rd, that, in simple terms, Iceland crypto mining is getting the boot; further, the Iceland crypto industry is going to start focusing on “pure blockchain businesses.”
A lot of people said blockchain would one day surpass crypto, and that seems to be happening. At least, in Iceland it is. According to Halldór Jörgensson, the chairman of the Borealis Data Center, there is an ongoing shift towards blockchain and away from crypto mining happening in the country.
Jörgensson even said the craze around crypto farming (particularly Bitcoin mining) has died down. He said it’s “not as crazy” as it was in 2017.
Even though people in the crypto industry have been optimistic about the potentials of blockchain, the technology has come into a negative light recently.
On September 17th, Jack Ma said that blockchain is going to end up being “useless” if it doesn’t help the environment.
To Each Their Own
Will blockchain surpass crypto? It’s unclear. Regardless, I’m glad to hear that Iceland crypto mining is slowing down. It’s good that the Nordic island nation managed to become so successful in it, but it could have caused problems. Especially in the future, if it kept up at the rate that it was approaching.
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