According to Red Herring, Iceland’s crypto industry will leave behind the crypto mining and turn towards to ‘pure blockchain business’.
Director of Reykjavik-based Borealis Data Center, Halldór Jörgensson stated to Red Herring that request from local crypto and blockchain departments are “shifting more towards the pure blockchain business,” instead of concentrating on just digital currency mining.
As stated by Jörgensson, the madness around Bitcoin mining has stopped and it is “not as crazy as it was a year ago,” when the digital currency has scored its top price. Although the craziness is over, the chairman has advised that the Bitcoin mining flow has provided a quicker increase of local energy and data industries – their well-improved foundations will now give an advance to blockchain related businesses.
Considering the country’s naturally cold environment and also the wealth of economical renewable energy sources, such as geothermal and hydroelectric, Iceland has been one of the leaders in crypto mining. One of the world’s top 5 crypto mining farms are based in the country. Moreover, Iceland’s largest consumer of electricity is operator Genesis Mining.
Early this year, HS Orka’s business development manager Johann Snorri Sigurbergsson has foreseen that the number of crypto mining would multiply in 2018.
Asgeir Margeirsson, the CEO of HS Orka, declared in July the business of crypto mining has created ‘the fourth revolution,’ while the administrator of the Icelandic Institute for Intelligent Machines told that Bitcoin miners are “central to the industrial revolution that is still under way.”
Nonetheless, Sigurbergsson debated that Bitcoin “probably won’t be here far into the future,” claiming that the data centers, that are providing a service to miners will adopt the new technology.
Begging of this week, Bitfury, blockchain technology association reported the launch of its new BTC mining device. Additionally, the association is planning to use these new devices in their mining center in Canada, as well as in Georgia, Iceland, and Norway.
Author: Berna Bayindir
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