Word has been spread that the Icelandic crypto industry plans to switch from mining to developing regular Blockchain-based business, that is, according to the insider data received by the Red Herring website on Sunday.
Mining is no longer that profitable
Halldór Jörgensson, chairman of a large Icelandic data-center, in an interview, mentioned that Bitcoin mining is becoming less popular and stops being a craze due to the crypto market collapse. Therefore, it seems more reasonable and profitable to focus purely on Blockchain business development.
Jörgensson said that the efforts and finance invested into the development of the mining business have ensured the development of the necessary infrastructure for the further use of it, for setting it on tracks of business to do with Blockchain and improving it.
Iceland and mining
The country is one of the most popular mining centers since it possesses a naturally cold climate and produces renewable, cheap energy– geothermal, hydroelectric.
Iceland is the venue for the five biggest mining farms belonging to Genesis Mining that is the biggest consumer of electric power in the country. The volume of mining in 2018 was expected to be twice as much as in 2017.
Experts believe that centers of data processing that are presently occupied by miners will turn into incubators of new technology and startups in the future.
Plans for Iceland and its mining resources
At the start of the week, the Bitfury startup publicized its intentions to start launching its brand new type of mining gear, planning to utilize new equipment in data centers in several countries, including Iceland.