Cryptocurrency miners that left China are settling into countries with abundant and affordable power supplies. However, most of the miners are focusing on countries with environmentally-friendly power sources.
Iceland no Longer Accepting New Bitcoin Miners
National Iceland electrical company Landsvirkjun has announced that it is no longer accepting new Bitcoin miners. This latest development comes as the company reduces power supply to some industrial customers in a bid to tackle the lack of power in the country.
Iceland has become a good location for cryptocurrency miners, thanks to the country’s abundance of geothermal energy. Geothermal energy is harvested to create a cheap and plentiful supply of renewable energy.
Previously, most of the mining farms were concentrated in China. However, the ban on cryptocurrency mining and other crypto-related activities in China earlier this year saw miners migrate to other regions such as Europe and North America.
Cryptocurrency miners previously focused on energy sources such as coal to mine Bitcoin. However, the concerns raised by elements within the cryptocurrency space have seen miners now prefer to use renewable energy sources to mine BTC and other cryptocurrencies. Hence, the concentration of miners in countries such as Iceland, the United States and Canada.
Crypto Miners Continue to Face Sanctions
Cryptocurrency miners and mining farms have come under attack numerous times this year. Earlier this year, Chinese authorities banned cryptocurrency mining activities, cutting off crypto miners from the power grid.
Iran is also one of the leading cryptocurrency mining countries in the world. However, the government placed a temporary ban on cryptocurrency mining activities earlier this year. The ban was lifted in September as the government overcame the power crisis it faced a few months back.
The ban in China and Iran led Bitcoin’s hash rate to drop earlier this year. However, the hash rate is now back to normal as mining farms are now operating in the US, Canada, Kazakhstan and some European countries.