Cryptocurrency in general, and cryptocurrency mining in particular, are bound to split opinions in our society. Icelandic local communities that think that Bitcoin and crypto mining can prove to be beneficial in the long run are now backed up by strong scientific data that proves them right.
According to the Icelandic Institute for Intelligent Machines, Iceland’s mining data centers will play a big role in the future of the country and its economic growth, Bloomberg reports.
Kristinn Thorisson, the Director of the said institution, is a strong believer in the beneficial role of Iceland’s mining centers for the potential industrial revolution. Interestingly, Thorisson has hinted at the future of artificial intelligence claiming that modern AI technologies (i.e., driving cars) require “way more data and computing power,” before admitting that, currently, the supply is less than the demand.
With both eyes on the future, Thorisson declared that there will be a “significant reliance on data centers” over the next half of the century, hence, data centers used for Bitcoin mining now, will become the powerhouses for future AI technologies.
Opinions split on the usefulness of crypto-mining centers
It’s a known fact that Iceland is one of the most waste-aware countries in the world. Hence, cryptocurrency mining is not everyone’s cup of tea, as former presidential candidate Andri Magnason described it as “the most stupid way to waste energy.” Cryptocurrency mining is known for demanding immense amounts of energy.
Be that as it may, Iceland has also proven itself as one of the best environments for building mining centers due to its cool climate and low costs for geothermal and hydro-powered electricity. Despite all the adversity, it seems that the locals believe that crypto mining will prove to be valuable for Iceland in the end.
All things considered, this is a good time for Iceland, and other countries as well, to develop and create new mining centers, since a massive flood hit Sichuan, damaging lots of China’s mining centers until the global crypto mining calculations volume was reduced by 30%.