Iceland’s Bitcoin Mining to Use More Energy Than Residents
What’s the balance of power? The tiny island nation is powered almost completely by renewable energy. But later this year it’s expected to use more of that power on energy-hungry data centers to “mine” bitcoin than on its 340,000 residents. Lawmaker Smári McCarthy complained that bitcoin has “no tangible existence and no real use for humans outside the realm of financial speculation,” and says Iceland should do more to regulate cryptocurrencies — which have been seeking new hubs amidst rumors that China will crack down on bitcoin mining.