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Bitcoin miners faucet into Iceland’s renewable power

KEFLAVIK, Iceland — Iceland is anticipated to make use of extra power mining bitcoin and different digital currencies this yr than it makes use of to energy its houses.

With big quantities of electrical energy wanted to run the computer systems that create bitcoin, giant digital forex firms have established a base within the North Atlantic island nation blessed with an abundance of renewable power.

The brand new trade’s comparatively sudden development prompted lawmaker Smari McCarthy of Iceland’s Pirate Occasion to recommend taxing the earnings of bitcoin mines. The initiative is more likely to be nicely acquired by Icelanders, who’re skeptical of speculative monetary ventures after the nation’s catastrophic 2008 banking crash.

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