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Iceland set to use more energy mining Bitcoin than powering homes
LopDude
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User ID: kaput
02-13-2018 01:54 AM

Posts: 9,299



Post: #1
Iceland set to use more energy mining Bitcoin than powering homes
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Iceland is expected to use more energy "mining" bitcoins and other virtual currencies this year than it uses to power its homes.

With massive amounts of electricity needed to run the computers that create bitcoins, large virtual currency companies have established a base in the North Atlantic island nation blessed with an abundance of renewable energy.

The new industry's relatively sudden growth prompted MP Smari McCarthy of Iceland's Pirate Party to suggest taxing the profits of bitcoin mines. The initiative is likely to be well received by Icelanders, who are skeptical of speculative financial ventures after the country's catastrophic 2008 banking crash.

"Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government," McCarthy told The Associated Press. "These companies are not doing that, and we might want to ask ourselves whether they should."

The energy demand has developed because of the soaring cost of producing and collecting virtual currencies. Computers are used to make the complex calculations that verify a running ledger of all the transactions in virtual currencies around the world.



In return, the miners claim a fraction of a coin not yet in circulation. In the case of bitcoin, a total of 21 million can be mined, leaving about 4.2 million left to create. As more bitcoin enter circulation, more powerful computers are needed to keep up with the calculations - and that means more energy.

The serene coastal town of Keflavik on Iceland's desolate southern peninsula has over the past months boomed as an international hub for mining bitcoins and other virtual currencies.

Local fishermen, chatting over steaming cups of coffee at the harbor gas station, are puzzled by the phenomenon, which has spawned oversize construction sites on the outskirts of town.

Among the main attractions of setting up bitcoin mines at the edge of the Arctic Circle is the natural cooling for computer servers and the competitive prices for Iceland's abundance of renewable energy from geothermal and hydroelectric power plants.

Johann Snorri Sigurbergsson, a business development manager at the energy company Hitaveita Sudurnesja, said he expected Iceland's virtual currency mining to double its energy consumption to about 100 megawatts this year. That is more than households use on the island nation of 340,000, according to Iceland's National Energy Authority.

http://www.telegraph.co.uk/news/2018/02/...ing-homes/

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Spiddy
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User ID: 1337
02-13-2018 02:28 AM

Posts: 5,337



Post: #2
RE: Iceland set to use more energy mining Bitcoin than powering homes
So they're the reason I can't afford a 1080ti?
BASTARDS!



“As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron.”


H.L. Mencken 1920.
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РopEye
lop guest
User ID: 1337
02-13-2018 02:34 AM

 



Post: #3
RE: Iceland set to use more energy mining Bitcoin than powering homes
Spiddy  Wrote: (02-13-2018 02:28 AM)
So they're the reason I can't afford a 1080ti?
BASTARDS!

Rofl
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LoP Guest
lop guest
User ID: 1337
04-17-2018 06:45 AM

 



Post: #4
RE: Iceland set to use more energy mining Bitcoin than powering homes
''mining'' bitcoin, i laugh everytime hear this bs term, throw these cyber criminals in jail already
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Pasta Lover
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User ID: 1337
04-17-2018 06:46 AM

Posts: 5,950



Post: #5
RE: Iceland set to use more energy mining Bitcoin than powering homes
Bitcoin miners are sexy.

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LoP Guest
lop guest
User ID: 1337
04-17-2018 06:51 AM

 



Post: #6
RE: Iceland set to use more energy mining Bitcoin than powering homes
LoP Guest  Wrote: (04-17-2018 06:45 AM)
''mining'' bitcoin, i laugh everytime hear this bs term, throw these cyber criminals in jail already



I heard the IRS wants taxes off of bitcoin, This is going to get interesting
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Flounder
lop guest
User ID: 1337
04-17-2018 07:13 AM

 



Post: #7
RE: Iceland set to use more energy mining Bitcoin than powering homes
LoP Guest  Wrote: (04-17-2018 06:51 AM)
LoP Guest  Wrote: (04-17-2018 06:45 AM)
''mining'' bitcoin, i laugh everytime hear this bs term, throw these cyber criminals in jail already



I heard the IRS wants taxes off of bitcoin, This is going to get interesting

Fcuk the irs.
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LopDude
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User ID: 1337
04-17-2018 08:51 AM

Posts: 9,299



Post: #8
RE: Iceland set to use more energy mining Bitcoin than powering homes
this is an ancient threadScream1

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