Island fears power shortage because of Bitcoin!

Iceland is attracting more and more data centers producing Bitcoin because of its low electricity prices. In 2018, their energy consumption could exceed in all households.

High energy consumption to generate digital currency Bitcoin, continues to make headlines. Island-based Bitcoin producers are expected to consume more electricity this year than all Iceland’s private households combined, said spokesman for the Icelandic energy company HS Orkas, Johann Snorri Sigurbergsson, the British television BBC broadcaster.

The reason for high energy consumption was that more and more data centers, including so-called “miners”, wanted to settle in Iceland. There is large number of customer inquiries, Sigurbergsson said: “If all these projects are realized, we will not have enough energy for them.”

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Mining means Bitcoin production. Here, miners perform highly complex arithmetic operations and receive fresh Bitcoins for this.

Iceland is a small country with 350,000 inhabitants. In recent years, many data centers have moved into the country. One reason for this is the relatively cheap electricity generation, which is made almost exclusively from renewable energies such as geothermal or hydropower.

Sigurbergsson estimates Bitcoin miners’ annual electricity consumption at 840 gigawatt hours – compared to an estimated 700 gigawatt hours consumed annually by Icelandic households.

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