Do you know just how popular Iceland is when it comes to mining cryptocurrency? It is one of the most popular countries in the world for this type of mining, and estimates are that the country is going to end up using more electricity over the course of the following year to mine Bitcoin than is used to power all of the homes in the country! In fact, mining for Bitcoin has become so popular that there are many energy providers in the country that worry that they might not have enough power for all of the new mining companies!
Now, you might be wondering just why so many people have been choosing to use Iceland and why so many mining companies have sprung up there over the course of the last few years. There tend to be three main reasons for this, which will be discussed below.
The Cool Weather
There is some irony in calling Iceland a hotspot for cryptocurrency when you look at this first reason that mining companies love the country. One of the first benefits often touted about Iceland is the fact that the weather tends to be cool throughout the year. This be helpful for the equipment that is connected and running around the clock.
One of the big challenges that mining hosting companies will often face is the fact that the machines tend to run hot. This causes the buildings to get hot, and it means that the mining companies have to spend money on cooling to keep everything under control. As you can imagine, doing this in a hot country is going to mean spending more on energy. The cooler air in Iceland means that it is easier to make sure that the temperatures stay under control.
Another one of the reasons that many people like Iceland for mining colocation is the fact that the networks are fiber optic, and that means that they are lightning fast. Anyone who is trying to mine cryptocurrency knows that speed is of the essence. That is why they try to get the fastest miners that they can afford. However, those fast miners are not going to do them any good if they are on slow networks.
Of course, one of the biggest reasons that Iceland is popular is because it tends to have some of the cheapest energy rates around. This means that it is possible to mine through a colocation site and pay less for electricity than you would elsewhere. Naturally, this means that you are going to be getting more in the way of profit.
As you can see, these are three very good reasons to start using Iceland for your cryptocurrency mining needs. It could be a great solution for many who have been looking for a place to host their equipment. Just make sure you act before there are no more spots left.