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Hot Spot of Bitcoin Crypto Mining Icelandic to consider "Pure Blockchain Business" Shift


Iceland could switch to "Pure Blockchain Business"

The Icelandic crypt industry is heavily dependent on the encryption activity. However, there are insiders who say that the country is currently switching to a "pure business blockchain". Industry insiders talked to a news site called Red Herring on September 23rd.

Borealis Center president Halldor Jorgensson told Red Herring that there is currently strong demand from local encryption and blockchain structures to move to the blockchain business as well.

Jorgensson also said that BTC's mining frenzy has dropped to a level that "is not as crazy as it was a year ago" when the cryptocurrency has reached its historical high of price. Even so, Jorgensson suggested that the mining wave contributed to faster growth of local energy and data centers, an infrastructure that should provide a boost to blockchain-related activities.

Iceland is one of the most significant leaders in mining encryption due to the country's naturally cold climate and cost-efficient energy sources, such as geothermal and hydropower. In addition, Iceland has one of the five largest crypto-mining farms, such as Genesis Mining.

Johann Snorri Sigurbergsson, head of business development at a local energy provider, HS Orka, predicted that the volume of encryption in Iceland will double in 2018.

Asgeir Margeirsson, CEO of HS Orka, also reported that the encrypted industry has led to a "fourth revolution". However, not everyone thinks the same way. Also Sigurbergsson of HS Orka said that Bitcoin "probably will not be here very far in the future".

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