Stakeholders Clamor for Diversified Cryptocurrency Industry in Iceland • Live Bitcoin Ne…

Following the 2018 decline in the prices of Bitcoin and other cryptocurrencies, stakeholders in Iceland believe more resources should be employed in other aspects of the emerging cryptocurrency and blockchain technology industry.

The 2017 Bitcoin Mining Mania

At the height of Bitcoin mania in 2017 when the price was surging rapidly, miners flocked to Iceland. With its rich geothermal potential and cheap energy, the Arctic island proved a haven for Bitcoin mining companies looking to make huge profits.

Thus, giants like BitFury, Genesis, etc. came into the domestic scene, outmuscling the local cryptocurrency mining enthusiasts. Such was the scale of the virtual currency mining craze that a high-profile Bitcoin mining heist even occurred at the start of 2018. In April, Dutch police apprehended the suspected mastermind of the “Big Bitcoin Heist” that saw the theft of 600 BTC mining computers worth about $2 million.

There is no consensus for the exact nature of the power consumed by…