Bitcoin Miners Draw From Iceland’s Surplus of Renewable Energy

Iceland has become a refuge for Bitcoin miners as energy costs soar and regulatory pressure on cryptocurrency operations mount in the US and other countries.

The volcanic island runs almost entirely on hydroelectric and geothermal power that it historically creates a surplus of. And miners have tapped that power for their energy-intensive computers. Not only does Iceland have an abundance of renewable energy but its cool climate is attractive to overworked data centers.

“Up until the mining industry showed up here in Iceland, the vast majority of this non-guaranteed power was not a sell-able product, so we are essentially buying ...