Iceland is famous for its awe-inspiring scenic beauty, it's hot springs and its blue lagoons. The temperature hovers around -20 to 0 °C during winter seasons. But underneath its surface lies a network of volcanic channels which regulate hot gases, water, and magma.
Iceland lies on top of the mid-Atlantic ridge which has a high concentration of active volcanoes. A large volume of hot water, magma, and hot gases are constantly getting pushed out onto the earth's surface. These factors make Iceland one of the world's most geothermally active places which leave this country with a never-ending supply of this renewable Geothermal Energy resource.
(Image Source : Link 1 & Link2
What is Geothermal Energy and why it is a renewable energy source?
Geothermal energy uses steam from hot boiling water underneath the earth's surface to spin a turbine. Once the heated water attains its normal temperature, it is sent back to the volcanic roots underground to heat up again. Since this cycle can be repeated over and over and the pollution involved in this process is very limited, it is considered renewable.
How Icelanders are using geothermal energy?
Heating spaces: Every year, Icelanders save millions of dollars by using the geothermal power to heat their homes and office areas. Today, Geothermal energy is used for heating over 90% of Icelandic homes.
Generating electricity: Geothermal energy has enabled Iceland to save billions of dollars by cutting imports of fossil fuel like coal and crude oil. Primary energy requirement of Iceland is majorly depended on Geothermal energy which is contributing about 65% of its energy requirements compared to 20% from hydropower and 15% from diesel and petrol. It is the only countries in the world where electricity generation is 100% renewable.
Why Iceland is a heaven for cryptocurrency miners?
- The answer is cheap electricity. Cryptocurrency mining is getting so popular in Iceland that the electricity required to mine coins is overshadowing the electricity required to power houses. The electricity generated from the renewable resources makes the power very cheap, which allows cryptocurrency miners make higher profits compared to other countries as they run their mining rigs 24/7, 365 days a year.
Genesis Mining's Mining Farm in Iceland ( Image Source : Link )
- The Arctic environment also plays a major part as it reduces the need to buy expensive power consuming air conditioners. It saves a lot of money to hire hundreds of people to look after these mining centres.
Bitcoin’s price may be down at the moment, but it has not stopped Iceland to reshape its economy by generating revenue from cheap electricity. The demand for the cheap renewable electricity is increasing every year in Iceland and it is slowly becoming a win-win scenario for miners and the Icelandic government.
Overall, I think that Iceland's effective utilization of renewable energy resources should serve as an example for all the countries around the world.
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Dear @bee84, thank you for sharing the information on your post, you know i am very sensitive about cloud mining because i invested serveral money on it with Hashflare and Eobot, but both of them suspended their service due to low Btc price and high maintenance cost, are you sure it will be reliable for the future?
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hi @intellihandling. I am glad you asked this question. I had invested in Hashflare (2 TB) and Genesis Mining (1 TB) Last year .. and I tell you what, I found Genesis mining to be more profitable than Hashflare as its maintanance fee was very low (may be because of their mining farm in Iceland). I must add that I have made profits in both the websites . But having said that, you must not invest in both genesis mining and Hashflare. Eobot is like a mosquito which will suck your investment dry (high fee) and hashflare is a fraud company .. they have a habit of backing down from their contracts..
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but Iceland is a mining hub at the moment as many private companies have opened their own mining rigs there
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Please buy cryptocurrencies and forget about cloud mining sites.. you will have no control over your investment if you invest in these websites. Buy coins and hold
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Yes of course i did it but no one is giving any profit, everyone on deep red, is easy to say buy now when you do not lost 80% of capital
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Hi @intellihandling !! I know it is easy to say buy coins to others when I have not made any loss myself. All I can say is, hold on to your investment till the time is right, We all go through such phases when things don't go according to plan !! just be positive and have faith. My best wishes to You :-)
Good post...
Mining is not profitable in general due to high cost of electricity...More and more mining companies are shifting to cold zone countries , or where cost of electricity is low.
hi @amar-patel thank you very much for your comment. You are right. Mining is not profitable at the moment because of maintenance fee and depreciating bitcoin price. Actually whole cloud mining business rides on bitcoin's price fluctuations. if price is low, then you will not mine enough satoshis and if price is high then there is still no gurantee that you will make profit as mining difficulty will also increase in double digits. Better to avoid investing in these websites
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Mining has entered in the industrial era
hi @farhan.sidiqui , thanks for your comment and upvote !! yes it is true that mining has entered an industial sort of an age but to be profitable, BTC prices must go up. cheap electricity does help but btc price really matters 😃😃
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Price really matters bro ... not for the miners but for the investors too :p
Follow me and upvote my posts thanks
Hi, @Suqlain1122, Thanks for commenting. Hope you are having a good day !! I have gone through your profile, I would encourage you to write an introductory post first !! I will surely follow :-)
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