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Iceland: Crypto Mining Companies Will Consume More Energy Than Households In 2018

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Iceland is set to consume more energy for crypto mining than for household use this year, the Associated Press reports Monday, Feb. 12. The naturally cold climate and access to renewable energy are listed as the primary reasons for the influx of crypto mining companies to the Nordic island nation.

Icelandic businessman Johan Snorri Sigurbergsson of the energy company Hitaveita Sudurnesja predicts a doubling of the country’s cryptocurrency mining energy consumption to 100 megawatts this year, more energy than the 340,000 residents of Iceland will consume for personal use in that time. More….