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Iceland becomes leader in Bitcoin mining per capita

Due to its abundance of renewable energy, Iceland has emerged as a leader in Bitcoin mining worldwide.

Jaran Mellerud, a Bitcoin mining researcher, has discovered that Iceland has the biggest hash rate producer per capita globally.

Mellerud has predicted that the Bitcoin mining industry in Iceland consumes roughly 120 megawatts of electricity, equating to a global hash rate of 1.3%. Due to Iceland’s population of around 370,000, this makes Iceland the biggest hash rate producer per capita in the world.

Iceland’s renewable energy makes it the most electricity-rich country in the world, with Norway coming in second.

In 2013, 100 miners were relocated from the UK. Then in 2017, HydroMiner GmbH raised approximately $2.8 million to install mining rigs directly at Icelandic power plants.