Iceland is turning away new bitcoin miners as island nation deals will power crunch
markets.businessinsider.comSven-Erik Arndt/Arterra/Universal Images Group via Getty Images
Iceland's main power utility is turning away new bitcoin miners in an effort to reduce commercial energy usage during a hydro supply crunch, according toa Bloomberg report on Tuesday.
Iceland holds an attraction for cryptocurrency miners in need of cheap electricity to scour for new coins in the face of a boom and demand and prices. The price of the world's most-traded cryptocurrency has climbed by about 80% during 2021, even after last weekend's dramatic rout.
The utility Landsvirkjun has also reduced power supplies to some industrial customers including aluminum smelters and data centers. The reduction stems from low hydro reservoir levels, a malfunction at a power station, and
Read more on markets.businessinsider.com
