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RE: Iceland: More Energy Used for Mining Bitcoin than Powering Homes!
It sounds like Bitcoin is threatnening the power supply of Iceland. The conditions for mining Bitcoin sound optimal there but both the country and the Bitcoin network need to find more cost friendly and optimized ways of generating and using of electricity. Good informative post.
well I wouldn't say it is threatening Iceland's power supply since Iceland basically has unlimited free power (geothermal mostly), but the general point definitely holds that a real issue with bitcoin is the ridiculous (and growing) electricity costs necessary to mine. One of many reasons I don't see Bitcoin sticking around for very long, or at least, not sticking around and being relevant. it is already almost irrelevant, the transaction "speed" and fees are so ridiculous that the idea of using bitcoin as a payment network is pretty much already relegated to fringe cases/large transfers. I seriously doubt Bitcoin will still have the largest coin market cap by end of 2018.
Oh. I get you on the point of the power issue. I agree with you. Bitcoin has become expensive on all sides. The attraction to it initially was it's low rates and faster transaction speed. Other altcoins have surpassed it in that regard. I see your point.