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Iceland Moving Past BTC Mining, Focusing on Blockchain

The cryptocurrency industry in Iceland aims to move past cryptocurrency mining and set its sights on purely BC-oriented businesses. The prediction was estimated by industry leaders and insiders working in Iceland’s cryptocurrency sector, reported Red Herring on Sunday. 


 

Demand

Halldór Jörgensson, the head of Iceland’s Borealis Data Center, said to the publication that there is an increase in requests from the region’s cryptocurrency and BC facilities is moving closer to BC businesses instead of BTC mining.

As stated by the organization's director, the trend that led to the surge in mining of BTC has now decreased significantly, especially since last year as the currency hit its height. However, the BTC wave promoted the region’s data as well as its energy sectors, and in return, encourage BC businesses.

Iceland and Crypto

Iceland is quickly becoming a world-leader in digital currency mining as it has the ideal cool climate, and cost-effective energy resources. The nation holds one of the biggest cryptocurrency mining farms operated by Genesis Mining.

Last February, the business dev head at HS Orka made a statement predicting that Iceland’s mining facilities will most probably double this year. The company’s CEO also said that the crypto sector has begun its 4th revolution, and the leader of Iceland’s leading tech institute called miners the core of the ongoing revolution.

This week, the BC tech organization Bitfury released a statement saying that they are launching its next-gen mining devices alongside plans for the machines to be used in mining facilities all over the world.



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