Using ice-lands cold climate to cool server farms and using up its energy. But what I wanted to point out is that these servers are being set up all over the world. Some Russian brass are ATM in big trouble for trying to use a Russian army super computer to mine bitcoin.
But all these mined bitcoins cost the miners a fraction of the cost of buying them. But then they sell them. If the only actual worth of the bitcoin is what mum and dad buyers have put in (fiat currency) then these miners are stealing from the actual money. And I repeat, these servers are popping up all over the world.
They even have viruses that use unsuspecting computer owners high end graphics cards as a zombie army to mine coins. Put it another way.... It is not a crime to get computers to mine coin. Imagine if this was happening to the feds computers? Servers all over the world, night and day trying to brute force the banking system. And succeeding.
Because these people wouldn't be moving countries and importing very expensive super computers because they were not successfully in sucking the real money out of bitcoin
The amount of power used to mine bitcoin in Iceland is set to overtake the country's entire domestic power usage this year, a local energy company has claimed.
Business development manager at Iceland's HS Orka Johann Snorri Sigurbergsson said electricity use at mining data centres was gobbling up the small nation's power resources.
And the demand would only grow with many potential customers drawn to the nation to mine the crypto-currency.
Add good tags and heading for good result.
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This is why DPOS on new platforms will be the future of cryptocurrenies (EOS). Its sad Satoshi Nakamoto didn't consider this happening back in 2009 but technology is changing for the better. Nice article @alanazhary :)
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This sounds strange, people around the world harvesting money. Whao... how does that really work
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I'm not that really surprised to be honest. Sure it seems a bit odd that a country uses more electricity to mine Bitcoin than to power its homes but we should take into account that Iceland has a really small population ( a bit over 300.000) and also one of the best climates for mining farms.
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