Iceland to Move Away From Crypto Mining to Blockchain Businesses
The emergence of cryptocurrency in recent times has led to the influx of several startups in the financial industry across continents. On September 23, Iceland’s crypto industry, announced a move away from crypto mining to blockchain businesses.
The chairman of Reykjavik’s Borealis Data Center, Halldór Jörgensson, stated that the increasing in demand from local crypto and blockchain is “shifting more towards the pure blockchain business.”
Due to the recent changes in the Bitcoin (BTC) mining wave, Jörgensson stated that the cryptocurrency has hit its all-time price high, and that the Bitcoin mining wave has led to the faster growth of local energy and will be proffering a boost to blockchain-based businesses.
Iceland, a home to more than 300,000 people, is said to have five of the world’s largest crypto mining farms, according to Cointelegraph. Although the country focuses more on Bitcoin mining business, its recent interests have been drifted toward a total blockchain market.
