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Iceland May Use More Energy Mining Cryptocurrency Than Powering Homes

Power company officials say if more digital currency facilities open in Iceland, the country might not have enough energy to go around.
Posted at 10:54 AM, Feb 14, 2018

Cryptocurrency mining is becoming such a big thing in Iceland, a local power company says people will probably use more energy mining than powering homes this year. 

And that could be a problem. Officials from Icelandic energy firm HS Orka told the BBC the country might not have enough energy to go around if more cryptocurrency mining facilities open. 

So here's how it works: Users mine digital currency using large, powerful computers that solve complicated math problems — and require a lot of energy. Iceland's a really popular place to mine coins because of how cheap the energy is, since nearly all of it comes from renewable sources. 

Officials are reportedly trying to figure out whether the government should tax mining facilities.