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Home News Crypto

Cryptocurrency Mining Paves the Way for Iceland’s Fourth Industrial Revolution

JP Buntinx by JP Buntinx
July 5, 2018
in Crypto, News
0
Cryptocurrency Mining Paves the Way for Iceland’s Fourth Industrial Revolution
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BTCWire

Given the cheap electricity and cold climate of Iceland, the Nordic nation has seen an influx of cryptocurrency mining activity in recent years. This sudden development has also created some interesting side effects as many people are now beginning to view Iceland as a major fintech hub.

The Future of Cryptocurrency in Iceland

Running a successful and profitable cryptocurrency mining operation requires several key conditions such as access to cheap electricity and having an empty data center. Owing to its optimal resources, Iceland lends itself perfectly to such types of businesses, even though not everyone within the nation is convinced about the potential of cryptocurrencies.

HS Orka power plant’s Johann Snorri Sigurbergsson isn’t a big believer in cryptocurrency and he is confident that Bitcoin will “disappear not far in the future”, which is a rather interesting stance. Even though there is always the possibility of Bitcoin becoming irrelevant in a few years from now, no one can deny the possibilities that the currency offers.

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Even so, Sigurbergsson is confident that the influx of cryptocurrency mining firms will have a positive impact on his country’s economy. 

There is a valid reason why the country isn’t officially supporting cryptocurrency right now. Iceland has a colorful history when it comes to finance in general. Given the unclear future of cryptocurrency in terms of value, growth, and regulation, maintaining a wary approach appears to be more than warranted. At the same time, diversifying its economy is still direly needed for Iceland, and cryptocurrencies may continue to play a role of importance in this regard.

Final Thoughts

Regardless of the longevity of cryptocurrency mining in Iceland, the industry plays an integral role within the nations overall economy. This new industry has given local entrepreneurs and experts plenty of insights as to how existing infrastructure can be bolstered and expanded upon to accommodate new business models. 

Disclaimer

Please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. CryptoMode is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

Tags: Crypto MiningHS OrkaIcelandIndustrial RevolutionJohann Snorri Sigurbergsson

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Supreme Court Enforces Reserve Bank of India’s Ban on Cryptocurrency Trading

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