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Bitcoin energy use in Iceland set to overtake homes, says local firm

Bitcoin energy use in Iceland set to overtake homes, says local firm

Technology
Iceland is facing an "exponential" rise in Bitcoin mining that is gobbling up power resources, a spokesman for Icelandic energy firm HS Orka has said.This year, electricity use at Bitcoin mining data centres is likely to exceed that of all Iceland's homes, according to Johann Snorri Sigurbergsson.He said many potential customers were keen to get in on the act."If all these projects are realised, we won't have enough energy for it," he told the BBC.Mr Sigurbergsson's calculations were first reported by the Associated Press.Iceland has a small population, of around 340,000 people.But in recent years it has seen a marked increase in the number of new data centres, often built by firms wishing to tout green credentials. Nearly 100% of energy in Iceland comes from renewable sources.Bitcoin mini...
Energy riches fuel bitcoin craze for speculation-shy Iceland

Energy riches fuel bitcoin craze for speculation-shy Iceland

Technology
Iceland is expected to use more energy "mining" bitcoins and other virtual currencies this year than it uses to power its homes. With massive amounts of electricity needed to run the computers that create bitcoins, large virtual currency companies have established a base in the North Atlantic island nation blessed with an abundance of renewable energy. The new industry's relatively sudden growth prompted lawmaker Smari McCarthy of Iceland's Pirate Party to suggest taxing the profits of bitcoin mines. The initiative is likely to be well received by Icelanders, who are skeptical of speculative financial ventures after the country's catastrophic 2008 banking crash. "Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government," McCart...
Icahn in activist move takes 13% stake in SandRidge Energy, DJ reports

Icahn in activist move takes 13% stake in SandRidge Energy, DJ reports

Finance
Carl Icahn has bought a 13 percent stake in SandRidge Energy, becoming the latest shareholder to oppose the company's deal to acquire Bonanza Creek, according to a Securities and Exchange Commission filing.SandRidge is an oil exploration and production company based in Oklahoma City. Last week, it announced a $ 746 million deal to buy rival Bonanza Creek. But the activist investor Fir Tree Partners, which owns more than 8 percent of SandRidge, on Monday said it opposed the deal, saying the price is too high.Icahn also has stakes in CVR Energy and Cheniere Energy.Dow Jones first reported the stake, citing sources.Let's block ads! (Why?) Finance
Russian hackers 'targeting UK energy sector'

Russian hackers 'targeting UK energy sector'

Technology
Russia has attempted to attack the UK's media, telecommunications and energy sectors, an intelligence chief has said.Ciaran Martin, the chief executive of the National Cyber Security Centre, a part of GCHQ, said the UK is facing "two significant groups of threats in cyberspace": hostile states and rampant criminality."The Prime Minister sent Russia a clear message on Monday night - we know what you are doing, and you will not succeed," Mr Martin said at a meeting held in London on Wednesday.Theresa May accused Russia of "seeking to weaponise information" as she accused Moscow of meddling in elections and hacking Denmark's defence ministry and the German parliament.She also accused Moscow of "deploying its state-run media organisations to plant fake stories and photo-shopped images in an at...
'Big six' energy firms in advanced merger talks

'Big six' energy firms in advanced merger talks

Business
Two of Britain's "big six" energy suppliers are in advanced talks about a merger that would alter the landscape of the under-fire sector.SSE and Innogy - the German owner of npower - said they had been in discussions about combining their gas and electricity supply businesses in the UK.Any such move would be likely to face a competition probe and consumer Which? said authorities "must take a hard look before allowing any venture to go ahead".If cleared, a deal would see the big six potentially turned into a big five, by consolidating the operations of two of the companies that currently dominate the sector.SSE, which is currently Britain's second largest energy supplier, said: "The discussions between SSE and Innogy are continuing and are well advanced but no final decisions have been take...