Bit Digital, a US bitcoin mining firm, will increase its crypto mining operations right here in Iceland. The choice comes amid issues that the federal government of President Joe Biden plans to tax cryptocurrency.
Mining of cryptocurrency is a extremely energy-intensive exercise, however the CEO of Bit-Digital tells The Wall Street Journal that roughly two-thirds of the corporate’s mining operations are carbon-free. He additionally says that elevated operations in Iceland would use hydropower and geothermal power.
A press release from Bit-Digital states that the corporate has already entered into an settlement with the Icelandic firm GreenBlocks ehf. for internet hosting an digital mining operation in Reykjanesbær, Iceland, at roughly 8.25 megawatts.
2,500 computer systems at finish of month
If all goes to plan, one-fifth of the corporate’s mining equipment will probably be hosted in Canada and right here in Iceland. The corporate has already bought 2,500 new machines that will probably be used within the e-mining enterprise, in accordance with Samir Tabar, the corporate’s president.
All of those machines will probably be housed in Iceland. The price of the equipment is USD 3.6 million or ISK 508 million. The computer systems are anticipated to be in Iceland by the top of this month.
New proposals from the U.S. authorities for introducing a tax on cryptocurrency observe the collapse of FTX. Western governments have lengthy been involved concerning the heavy electrical energy consumption of electrical coin corporations, saying such actions increase the price of electrical energy for Individuals as corporations share electrical energy networks with the nation.