33 thoughts on “Iceland to use more energy mining bitcoin than powering its homes this year

  1. AutoModerator February 12, 2018 / 7:02 am

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  2. sabrodonx February 12, 2018 / 7:02 am

    bitcoin sure is a lot of physical fuel consumed for a commodity with no inherent value

  3. NorthernerWuwu February 12, 2018 / 7:02 am

    This isn’t shocking. Their geothermal plants can produce a lot more electricity than they can really use so bitcoin mining is sensibly done there.

    I mean, as sensibly as it is done anywhere at least.

  4. pmckizzle February 12, 2018 / 7:02 am

    bitcoin is a fucking scourge, its driven up the price of graphics cards (and now alt coins are doing that too) its using an untold amount of energy and I imagine has a disgustingly large carbon footprint, its causing and obnoxious amount of idiots to act like they know everything about investment and day trading only to lose most of their money. AND IM FUCKING SICK OF MY CUBICLE MATE GIVING ME ADVISE ON ‘THIS LATEST REASON TO INVEST’

    **EDIT** I’ve decided to create a new coin, saltcoin using all the mined salt I’ve extracted with my comment. Its much more efficient to use bitcoin fanboys for mining than expensive electricity

  5. Tortuge February 12, 2018 / 7:02 am

    Isn’t this bad for bitcoin? Isn’t the whole point of blockchain to allow the users to manage the ledger? If it takes this much power just to maintain transaction history don’t we think the technology might not be worth the power cost?

  6. gavotron5 February 12, 2018 / 7:02 am

    So bitcoin is bad for the environment

  7. timestolemyusername February 12, 2018 / 7:02 am

    This kind of thing literally make me fear were in some kind of equivalent of the Rick and Morty battery dimension. We are generating vast amounts of electricity to produce nothing that exist in the real world or has any value except in its scarcity.

  8. dopkick February 12, 2018 / 7:02 am

    Imagine if that power and computing resources was dedicated towards something meaningful, like medical research, instead of crunching crypto puzzles for speculators to manipulate.

    Wasting resources on things like fuel ineffienicent cars is totally uncool. Speculators playing financial games is totally uncool. Unless bitcoin is involved. Then it’s super neat.

  9. desertravenwy February 12, 2018 / 7:02 am

    This is why bitcoin will never work as a mainstream currency.

    It’s an investment, not a currency. Currencies facilitate trade – nobody is using bitcoin to buy things. You’re an idiot if you do. As that guy who bought two large pizzas now worth $100m. I’m sure they didn’t taste like $100m.

  10. FireOccator February 12, 2018 / 7:02 am

    This makes me think that Bitcoin has been a terrible idea.

  11. wpmason February 12, 2018 / 7:02 am

    So what, like 2 energies?

    Iceland sits on top of one of the most extensively used geothermal sites on earth. Their energy is free.

  12. DrMonkey7 February 12, 2018 / 7:02 am

    As long as you can find morons to to sell it to at 10k a pop, then you good.

  13. CloudiusWhite February 12, 2018 / 7:02 am

    So Iceland is too blame for graphics cards being so expensive now?!?

  14. Fancy451 February 12, 2018 / 7:02 am

    Why can’t you do both? Seriously someone needs to invent an ASIC cryptominer forced air furnace. Heat your house and make $$$

  15. Enigmoo February 12, 2018 / 7:02 am

    What happens when all 21mil bitcoins have been mined?

  16. mountainwocky February 12, 2018 / 7:02 am

    Can you just imagine what any aliens reading this news story must be thinking…

    A1: “The meat is using vast amounts of power for what?”

    A2: “Computer calculations; to earn monetized blockchains.”

    A1: “Monetized blockchains? They aren’t performing the calculations for any scientific purpose?”

    A2: “No, it is strictly used for money; something they exchange with other meat for goods and services.”

    A1: “Well, we can’t honestly expect meat to be smart now can we?”

  17. Alexis_ February 12, 2018 / 7:02 am

    > The growth has prompted Smari McCarthy, a lawmaker for Iceland’s Pirate Party, to suggest taxing the profits of bitcoin mines.

    Yeah good luck with that Smári. He [really ought to know better](https://en.wikipedia.org/wiki/Sm%C3%A1ri_McCarthy), that’s not exactly possible, as most of these operations are anonymous and very hard to trace. It’s not like the people running them have any incentive to hand in an accurate balance sheet each month, along with their bitcoin wallet public key. And if they mine through a pool (which they will be doing) it’s even more impossible to trace.

  18. fubarspeaks February 12, 2018 / 7:02 am

    The whole country is one giant geothermal generator. Can’t ship electricity, and cooling the mining rigs sure isn’t an issue. Canada should be installing them along side all their giant hydroelectric dams in the north that lose most of their charge pushing power 1000+ kilometres south.

  19. _pillan_ February 12, 2018 / 7:02 am

    cheap bitcoin would lead to market manipulation, why?.

    expensive mining costs force miners to put those bitcoin in the market, they cant keep it all, off course some of them keep some bitcoin, but a lot of them are put on exchanges to pay those huge bills.

    but if bitcoin is cheap to produce, then you can inject just a few bitcoin and force a price increase, because bitcoin production cant be increased like gold or silver(about 1800 btc per day).

    So when bitcoin increase miners just need to sells huge amounts of btc(and sell all their bitcoins before off course) and force a price drop, buy cheap bitcoin and force price increase, over and over again.

    High price in bitcoin also avoid miners attacking bitcoin, because when you invest 150 million dolars is because you believe in bitcoin project.

    So sorry, but if you wanna cheap money, then there is the fed 😉

  20. fro99er February 12, 2018 / 7:02 am

    is there any idea to the gained bit coin from the used electricity

  21. notthecooldad February 12, 2018 / 7:02 am

    Iceland is back to financial speculation? Worked out ok last time right?

  22. NightmareDrifter February 12, 2018 / 7:02 am

    Premined coins can lessen/avoid this level of energy consumption. IOTA, Nano, Byteball etc

  23. Ogooglebar86 February 12, 2018 / 7:02 am

    They’d do better to use their energy elsewhere. Bitcoin is a bubble at best, scam/fraud at worst.

  24. Xibby February 12, 2018 / 7:02 am

    Icelanders love their geothermal, and the main byproducts of geothermal are hot water and steam. Why just generate electricity and then cool the hot water and return it to your water source when you could run hot water pipes under sidewalks to keep them free of snow and ice, use radiant heat from hot water to heat, and since you’re already supplying hot water to homes why not tap it and have that be your hot water supply? Then they use the geothermal generated electricity to pump water up to the geothermal plant and start again.

    That might skew their electricity usage just a little compared to other nations.

    If it wasn’t for their cultural love of stinky fish it would be a really nice place to visit. 😜

    (Honestly I hope to visit someday, maybe even eat some of the stinky fish. Everything I know about Iceland says beautiful country and wonderful people.)

  25. Danilowaifers February 12, 2018 / 7:02 am

    It’s not just bitcoin. There are other crypto that can be mined and they do come up with a good profit.

  26. baldmannbob February 12, 2018 / 7:02 am

    Heat your homes with the mining rig.

  27. Fool2Dream February 12, 2018 / 7:02 am

    It’s because their electricity is cheap and nobody actually lives there. Plus, it’s so cold there, you can just open the doors to cool the mining rigs. Not a big surprise.

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