Bitcoin Mining May Cause Energy Shortage In Iceland

Energy shortages

While the Nordic island nation has become a hotbed for Bitcoin mining in recent months, a serious problem has emerged in Iceland: there now may be energy shortages for powering its households.

The process of mining Bitcoin is an energy-intensive endeavor. According to reports; a single transaction uses the same amount of energy as the average U.S. household in a week.

With an influx of miners looking to take advantage of Iceland’s electricity infrastructure, climate, and lenient regulations, the amount of energy consumed in these mining operations is unsurprisingly unprecedented for a nation that …

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