Bitcoin

Million

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 <li>1 <a>Nearly 900 earthquakes hit the south of Iceland on Monday.</a></li>
 <li>2 <a>Some crypto mines reportedly operating in the region may suffer the damage.</a></li>
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As Iceland braces for the potential volcano eruption leading to catatonic instances in the country, people are being evacuated from the region. The Independent, a British online newspaper, reported nearly 900 earthquakes hit the south of the country on Monday. Nearly 4,000 people have been evacuated from the Grandvik region according to the reports.
<h2 class="wp-block-heading" id="strong-downtime-likely-to-be-a-few-hours-strong">Downtime Likely To Be a Few Hours</h2>
Some crypto mines reportedly operating in the region might suffer the damage. Bit Digital, a crypto miner operating in the earthquake-prone region claims that they have not been affected yet. Moreover, the firm has contingency plans if a chaotic situation arises.
One of the company employees told a crypto news website, “The lava channel is far enough away from the data center that no earthquakes have been felt in that location.” He added, “If power does go out, downtime will likely be a few hours.” A study shows crypto mining in the nation consumes nearly 120 MW of energy.
New York-based media company Bloomberg recently reported that Bitcoin (BTC) miners are going for an energy surplus in the country. Crypto mining is an energy-intensive process that requires advanced computers to solve complex problems to mine blocks of these digital assets.
<a href="https://www.thecoinrepublic.com/2022/03/16/another-106-crypto-mines-taken-down-post-kazakhstan-clampdown/" rel="noopener noreferrer nofollow">Cryptocurrencies </a>using a Proof-of-Work (PoW) consensus algorithm are considered a danger to the environment. One needs to stack up a barrage of these machines to generate revenue while staying ahead in the race. Data shows there are nearly a Million crypto miners active globally.
GreenBlocks, a renewable energy-focused company, works as a pipeline between the nation’s renewable energy and crypto mining firms. The company recently joined hands with Bit Digital following the crypto miner’s plans for the expansion of their mining capacity in Iceland.
The company’s CEO said following the announcement “We are pleased to expand our mining presence in Iceland and our relationship with the GreenBlocks team. We see significant opportunity to further expand our presence in this region and will continue to covet locations like Iceland that have an abundance of renewable energy resources and a supportive regulatory environment.”
Available data shows Bitcoin mining used 173 TWh of electricity during 2020 and 2021. Such propensity of energy consumption can fuel entire countries. However, experts believe that using clean energy may help mitigate the climate impact springing out of cryptocurrencies.
As crypto price fluctuates, it also impacts the crypto miners. State of affairs like crypto winter drives them to use cheap energy sources such as coal. Although the sector contributes to only a fraction of global carbon emissions, it could grow further given the growth prospects of the sector.

Crypto Mines in Iceland Have Not Been Affected By Earthquakes Yet

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Thecoinrepublic.com

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