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Bitcoin farm in Iceland will receive 100% of energy using renewable sources

Although the cost of bitcoin in early February has significantly dropped, the Crypto Currency continues to cause a stir around the world.

Since the process of extracting this currency takes a lot of Energy, some start-ups have created ways to reuse this energy, for example, using excess heat, grow crops.

And in Iceland, the data center, specially designed for crypto currency in the country, will fully operate on Renewable Energy Sources, reports

The cost of Bitcoin for the past month has significantly decreased, declining on January 6 from almost $ 17,100 to $ 8,300 on February 5. One of the reasons was China’s prohibition of offshore crypto-exchange exchanges in order to prevent financial risks.

There is a possibility that the value of Bitcoin may rise again after the US Senate Banking Committee completes its discussion of possible rules for crypto currency.

Given the changing market of Bitcoin, it is difficult to understand how long this crypto currency will exist.

While many learned about Bitcoin only last year, it actually existed since 2009 and behaved quite quietly, supporting anonymous trading. Now, depending on the opinion of a certain analyst, it is predicted that Bitcoin will cost from $ 0 to $ 100,000.

If the crypto currency is gaining momentum, it is important to find renewable energy sources to compensate for the huge carbon emissions that can create mining processes.
The Moonlite project does just that, creating a new data center in Iceland. The construction was started in April last year, and the completion is already packed in August this year.

After the opening, the data center will have a capacity of 15 megawatts, and in the future it is planned to expand. It is expected that the new facility will produce monthly crypto currency worth up to $ 8 million.

“Our data center and future data centers will always receive energy by 100% using clean and renewable energy sources such as energy generated from hydro, wind and geothermal sources,” said Eric Krige, CEO and the founder of the Moonlite Project.

“Our teams will also implement some intelligent mining technologies, including AI and custom algorithms that help in the management of bitcoin mining, so that we always focus only on what is beneficial.”

Iceland provides many advantages for data centers, including its cold climate, which eliminates the need for cooling equipment.

The country is located in a good place between the United States and Europe, which will be used by most data centers. Thanks to state benefits and discounts on foreign tax in Iceland, it is cheaper to buy land and build facilities.

The Moonlite project not only hopes to launch an efficient data center, which is highly profitable, but they also seek to become one of the largest crypto-currency manufacturing companies in the world.

If they can successfully work only on renewable energy sources, then this will be just a great step to curb a potentially huge problem.

To meet demand, many more such objects will be required, especially if bitkoyn really reaches a six-digit value.

The post Bitcoin farm in Iceland will receive 100% of energy using renewable sources appeared first on Digital Bodha.

This post first appeared on Cryptocurrency News | Bitcoin Mining Hardware | Dogecoin, please read the originial post: here

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Bitcoin farm in Iceland will receive 100% of energy using renewable sources


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