The reports about censuring the crypto mining as well as its electricity use are growing exponentially in numbers. Many experts have their own opinions on this business model, how it affects the communities and even cities. In Iceland, various Bitcoin mining organizations are in operation today. All of them depend on the nation’s abundance of renewable energy. In the meantime, even that approach might not be sustainable as a whole.
For the purpose of countering this problem, local farmers have brought to light a new solution, whereby smaller operations can benefit in their current form. One small crypto mining operator pays to the neighbouring farmers for their geothermal energy. Furthermore, she installs the mining hardware for using excessive power for other uses, like heating. The conditions in Iceland are different since they allow such business models to thrive.
The excess geothermal energy can be moulded into electricity. Here mining units, with this electricity, can heat stables as well as other storage spaces remaining vacant otherwise. It is a business model that creates a fruitful situation for all the parties involved in it. For the mining operator, it eliminates all the concerns related to scaling of her operations at her farm. This is a very unorthodox business model that seems to work out very well so far.
This specific business model can prove to be profitable under the right conditions. Although it’s not essentially a concept that could be taken to further with ease. There are enough farms with geothermal energy throughout Iceland, but not all owners will approve the concept of having a crypto mining operation generating heat on their premises.
Such ventures show crypto mining is an advancing industry. Instead of disrupting power networks, companies are searching for more maintainable arrangements. Conditions in Iceland are unique in such a manner, which prompts out-of-the-box thinking. Solving cryptocurrency’s biological “issues” won’t occur without any forethought.