Iceland Is Using So Much Energy For Cryptocurrency Mining, They Might Run Out

Iceland has become one of the world's prime locations for energy-hungry cryptocurrency servers. Analysts describe this as a 21st century gold rush. the industry's electricity demands have skyrocketed. Now for the first time, the demands have exceeded Icelanders' own private energy consumption. Energy producers fear the they won't be able to keep up with the fast rising demand if Iceland continues to attract new companies bidding on the success of cryptocurrencies.

A large amount of companies have flooded Iceland with requests to open new data centers to mine cryptocurrencies in the recent months, even as concerns mount that the country may have to slow down investments amid an increasingly stretched electricity generation capacity.

“There was a lot of talk about data centers in Iceland about five years ago, but it was a slow start,” Johann Snorri Sigurbergsson, a spokesman for Icelandic energy producer HS Orka, told The Washington Post. “But six months ago, interest suddenly began to spike. And over the last three months, we have received about one call per day from foreign companies interested in setting up projects here.”

"If all these projects are realized, we won't have enough energy for it,"

With Iceland being located in the middle of the Atlantic Ocean and known for it's hot springs and rivers, Iceland produced 80 percent of its energy in hydroelectric power stations, compared with about 9 percent in the United States. The cold climate make it a perfect location for new data mining centers filled with servers in danger of overheating

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