Bitcoin mining in Iceland will use more electricity than homes, energy company says

Iceland's main energy company, HS Orka, has said that the country will expend more energy mining bitcoins than it will powering homes this year. Officials are concerned that the country won't have sufficient energy to power proposed bitcoin mining centers, according to a report by Fortune.

Bitcoin miners will consume around 840 gigawatt hours of electricity per year, whereas Iceland's homes require approximately 700 gigawatt hours per year, according to Johann Sigurbergsson, a spokesperson for HS Orka. The county has become a major mining center due to its cheap renewable energy. The government has issues with these companies, which don't hire many staff members and pay low taxes.

"Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government," Smari McCarthy, a member of Iceland's Pirate Party, told the Associated Press. "These companies are not doing that, and we might want to ask ourselves whether they should."

Topics: Mining, Regulation

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