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Iceland is rapidly becoming a hub for cryptocurrency mining. Jake and Jack traveled there to find out why...turns out, it's got a lot to do with the weather. Plus, they get a look inside Iceland's largest cryptocurrency mine and meet the young entrepreneur making millions off it. Sources & Further Reading: Genisis Mines https://www.genesis-mining.com/ Bitcoin energy use in Iceland: http://www.bbc.com/news/technology-43030677 Follow Beme on Twitter: https://twitter.com/bemeapp Facebook: https://www.facebook.com/officialbeme/ Instagram: https://www.instagram.com/beme/ Beme: https://beme.com/
Joe Ades, the Union Square vegetable peeler salesman died on Sunday February 1, 2009. RIP. :( NYT article http://www.nytimes.com/2009/02/03/nyregion/03ades.html?scp=1&sq=joe%20ades&st=cse 2006 Vanity Fair article http://www.vanityfair.com/culture/features/2006/05/grafter200605
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China is embracing megaprojects at an unprecedented rate and will - over the course of a few decades - complete a phase of infrastructure that will rival what the United States has built in its entire history. More information on China's Future Mgaprojects: http://www.nytimes.com/2015/01/13/bus... Subscribe to TDC for more videos like this: https://www.youtube.com/TheDailyConve... Like our page on Facebook http://www.facebook.com/thedailyconve... Join us on Google+ https://plus.google.com/1001349258045... Follow us on Twitter http://www.twitter.com/thedailyconvo Music: "Electro Sketch" - YouTube's Audio Library "Klockworx" - YouTube's Audio Library "Eighties Action" - YouTube's Audio Library "Heavy Interlude" Source: http://incompetech.com/music/royalty-... Artist: http://incompetech.com/ "Voyeur" - Jingle Punks - YouTube Audio Library "All This Scoring Action" All This - Scoring Action by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/...) Source: http://incompetech.com/music/royalty-... Artist: http://incompetech.com/ "Tremsz" - Gunnar Olsen - YouTube Audio Library "Dream" - Elka https://www.youtube.com/watch?v=ja0C7... "Ambitions" - Glimpse https://www.youtube.com/watch?v=lGm5e...
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Crypto Mining Companies Will Consume More Energy Than Households In 2018 in Iceland Hindi
Iceland is set to consume more energy for crypto mining than for household use this year, the Associated Press reports Monday, Feb. 12. The naturally cold climate and access to renewable energy are listed as the primary reasons for the influx of crypto mining companies to the Nordic island nation.
Icelandic businessman Johan Snorri Sigurbergsson of the energy company Hitaveita Sudurnesja predicts a doubling of the country’s cryptocurrency mining energy consumption to 100 megawatts this year, more energy than the 340,000 residents of Iceland will consume for personal use in that time.
Sigurbergsson told the AP that he “could not have predicted this trend” four months ago, “- but then Bitcoin skyrocketed.” He reports that he had just met with a mining company wanting to buy 18 megawatts.
Bitcoin mining hardware requires a large amount of energy to perform the calculations to find “hashes,” which then gives the miner a Bitcoin reward. Alternatives to the current energy-consumption-heavy method of mining have been proposed, like using a Proof-of Stake system instead of Proof-of Work, or using renewable energy to power mining computers.
Mining sites in Iceland naturally have the opportunity to produce less pollution than the coal-burning mining sites located in China, for they have access to geothermal and hydroelectric power plants, both cheaper and more environmentally friendly alternatives to coal.
Keflavik, a coastal town on the southern peninsula of Iceland, is home to three of the biggest Bitcoin mining sites in the country. These mining “farms” have walls that are open to the elements, which allows cold wind to naturally cool down the mining hardware.
In the US, when mining companies began moving en masse to Washington to take advantage of the state’s cheaper electricity, the data infrastructure of one small county became quickly overloaded and now requires an addition of 100 megawatts.
Smari McCarthy of Iceland's Pirate Party, an anti-establishment political party that entered Iceland’s Parliament after the 2008 financial crash, brought up the possibility of taxing any profits made by Bitcoin mining, considering that a mining company falls under the category of “creating value” within the country.
Regardless of the potential profits, McCarthy is unsure about what Bitcoin mining can bring to Iceland, reports the AP:
"We are spending tens or maybe hundreds of megawatts on producing something that has no tangible existence and no real use for humans outside the realm of financial speculation. That can't be good."
In December 2016, when Iceland was rallying to form an alternative coalition that included the Pirate Party after inconclusive election results, the Pirate Party’s founder referred to their platform as the most “favorable” for Bitcoin’s path to legality in the country.