Bit Digital to expand crypto mining operations in Iceland

U.S. bitcoin mining company, Bit Digital, is planning to expand its crypto mining operations in Iceland’s Reykjanesbær due to concerns of the U.S. government’s plans to tax cryptocurrency.

Speaking to The Wall Street Journal, Bit Digital CEO explained that two-thirds of its mining operations are carbon-free, and will be using hydropower and geothermal energy.

As stated in a press release from Bit Digital, the company has entered an agreement with GreenBlocks ehf, and Iceland company that uses renewable energy in mining and validation of digital assets and blockchain technology

Greenblocks is set to host an operation of around  8.25 megawatts in Reykjanesbær, Iceland.

The total cost of this operation is set for ISK 508 million, with operations expected to begin at the end of May.