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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...
Iceland: UK should have been tougher on bankers

Iceland: UK should have been tougher on bankers

Business
The UK should have taken stronger action against bankers involved in the financial crisis, according to the Prime Minister of Iceland - the only country that reacted to the crisis by sending people to prison.In an exclusive interview, Bjarni Benediktsson told Sky News that his own country's actions had helped to "heal" the effects of the crisis.But he said he was surprised other countries, including the UK, had not followed Iceland's example."I think there's frustration, from the outside world, that things were not at least investigated."I'm not saying there was reason to prosecute all of those involved, but I feel that too little was done to investigate possible criminal acts elsewhere.Video:Special Report: Bankers behind bars"I'm surprised at how much of taxpayers' money was used to save...