The cryptocurrency industry based in Iceland is expected to give up its crypto mining operation. During the end of 2017 and starting of 2018, the Nordic island country created headlines due to its large involvement in this operation, whereas now it is all set to take an opposite direction.
Since Iceland has an ideal climate for mining, it was considered a home to one of the planet’s largest cryptocurrency firms. Maybe Iceland grew to be one of the prospective nations in the field of digital currency mining, mainly due to its previous decision to use more energy for the mining process than powering its homes (in 2018), but now it is shifting its focus to blockchain technology.
The chairman of Borealis Data Center, Halldór Jörgensson said that the country is moving away from crypto mining and concentrating to the prospect of pure blockchain businesses. According to Jörgensson, the craze around digital currency farming (mainly Bitcoin mining) has highly come down this year. The nation’s cold climate is almost efficient for cooling the mining machines of Bitcoin. Currently, there is no such craze as it was seen in 2017 and when the cryptocurrency value had reached its record price value, as reported by Crypto Currency News.
A plenty of global mining firms such as Genesis and BitFury ventured into the Iceland’s domestic market by spending more capital than the local players. Many firms were interested in Bitcoin mining. Their operation reached a peak in December last year. However, when there was a plunge in Bitcoin price from $19,783 to $7,424 in April 2018, the cryptocurrency industry experts speculated a collapse of Bitcoin industry in Iceland, Red Herring noted.
The crypto mining wave due to high Bitcoin demand assisted Iceland to grow us very fast as there were aggressive parties who were ready to accomplish the projects. We strongly believe that when the whole Bitcoin thing has settled down, there is another wave that will crop up that will utilize these infrastructures that have been built up during the Bitcoin mining phase,” Bittpress published.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]