Iceland cuts off electricity to new Bitcoin miners

Landsvirkjun, Iceland’s national power company, has cut its electricity supply for a number of industries, including aluminum smelters and bitcoin miners.

Representative of the island power company Report Due to a series of problems, including power station problems, low reservoir water levels and obtaining energy from external suppliers, it was forced to reduce energy allocation to Southwest Bitcoin miners and various industrial facilities.

Mining operations have long The country is attracted to the country because of its abundance of geothermal energy, which is collected to create a cheap and abundant supply of renewable energy. But according to Landsvirkjun, from December 7th, for an unknown period of time, any new requests for electricity from mining operations will be rejected.

Canadian Honeycomb blockchain technology, Genesis mining, with Bitman Holdings Are the three major Bitcoin mining companies that have opened facilities in Iceland.

For nearly a decade, miners have been trying to fulfill their promise of environmentally friendly Bitcoin mining in Iceland. In 2013, Cloud Hash moved 100 miners went to Iceland. In November 2017, the Austrian company HydroMiner GmbH improve An initial coin offering (ICO) of approximately US$2.8 million was used to install mining equipment directly at power plants in Iceland.

National electricity is less than 1% generate From non-renewable resources.

related: UN COP26 climate change targets include emerging technologies and carbon taxes

The country’s aluminum smelting industry has been hit hardest by distribution failures. Aluminum prices rose by 1.1% on December 7 to reflect the supply bottleneck caused by the recent surge in demand and the current power supply tightening.

Globally, the green blockchain is planned to become popular in 2021. Thought leaders at the COP26 meeting in Glasgow, Scotland discussed energy-intensive Bitcoin mining.The meeting witnessed the release of GloCha United Citizens Organization (UCO) Climate Empowerment Action. It will use blockchain technology to advance climate change goals.