Why is Iceland so popular? The answer is simple: location, location and volcanoes. Volcanoes provide Iceland with a cheap and abundant form of renewable energy. Geothermal and hydroelectric plants abound on the island, driving down the wholesale cost of power, which lets bitcoin miners make higher profits as they run their computers 24/7, 365 days a year.
The country’s location, at the northernmost tip of the Mid-Atlantic Ridge, provides a second benefit beyond a lot of magma. The Arctic air reduces the need to invest in expensive air-conditioning for the server rooms – crucial, since the specialised chips used to mine most cryptocurrencies produce huge amounts of heat when run at their maximum efficiency.
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