According to predictions, the cryptocurrency industry in Iceland will move away from crypto mining to “pure blockchain business.” This comes after a number of local industry insiders made predictions.

The Forecasts and Blockchain

Halldór Jörgensson is the chairman of the Borealis Data Center based in Reykjavik. He believes that the demand from local cryptocurrency and blockchain facilities is “shifting more towards the pure blockchain business.” It is transitioning away from Bitcoin mining.

Jörgensson is of the opinion that the frenzy around BTC (Bitcoin) mining is declining. It is “not as crazy as it was a year ago,” when the crypto hit its all-time price peak. However, the chairman suggests that the BTC mining “wave” contributed significantly to the rapid growth of local energy and data industries. Moreover, the latter well-developed infrastructures that will provide a boost to blockchain industries.

Iceland and Mining

Iceland is one of the leaders in crypto mining, thanks to its naturally cold climate. It also has an abundance of cost-efficient energy derived from renewable sources – hydroelectric and geothermal. Iceland comprises one of the 5 largest crypto mining farms in the world. The latter’s operator, Genesis Mining, consumes the most electricity in the country.

Johann Snorri Sigurbergsson is the business development manager of HS Orka, a local energy supplier. He predicts that the volume of cryptocurrency mining in Iceland will likely double in 2018.

Asgeir Margeirsson, the CEO of HS Orka said that Bitcoin miners are “central to the industrial revolution that is still under way.”

Furthermore, Sigurbergsson said, that Bitcoin “probably won’t be here far into the future.” He claims that the data centers that miners currently use will transform into new technology incubators in the future.

In addition, Bitfury, the blockchain technology group announced the launch of its new-gen BTC mining hardware earlier this week. The company has plans to use new machines in its Canada, Georgia, Iceland, and Norway mining centers.

 

Want the latest crypto news? Join our Telegram Channel