The country can now be in power crisis due to the fact that the large data centers in Iceland have been found to be in search of Bitcoin.
HS Orca, a fuel company in the country, said that there is a huge amount of electricity expenditure on running these data centers.
The company's spokesperson said that more electricity will cost more than the cost of electricity at home in Iceland this year, at the data center.
He said many more people are now going to set up these data centers. If all the projects are implemented, electricity will not be in Iceland to run them.
Iceland has a very low population, only 340,000
But recently this island has created a new data center. Companies that are setting up these data centers want to show that they are using environmentally friendly energy.
About 100 percent of the electricity produced in Iceland comes from renewable sources.
Bitcoin Mining
Bitcoin mining means to connect computers with the Bitcoin network around the world and to verify that the crypto currency is being leased.
The computers that perform this verification work, they receive a bit 'Bitcoin Prize' in response to this. But if someone can do this work in a big way, it is quite profitable.
But now there is a huge growth of this business in Iceland. And with the help of it, the power consumption is increasing for data centers.
It is estimated that about 800 gigawatt hours of electricity will be spent on Bitcoin Mining Operations in Iceland this year. In contrast, electricity costs around seven hundred and a half hours in Iceland.
The signs of bitcoin that will stop soon, its signs are not seen.
Firms HS Orkor's spokesman said they received huge calls from people interested in setting up a data center in Iceland.
He said, the amount of data centers that are going to be set up will not be possible in all.
He said, if all the data centers were genuinely launched, the electricity in Iceland would not be left anymore.
Iceland's Cripton Currency Mining Business, this year, became a great stimulus to set up a huge data center called 'Moonlight Project' around the project. It will be open by the end of this year.
However, many questions are asked about what this industry will do in Iceland