Why is Iceland a good place to mine bitcoin?

The answer is simple: location, location and volcanoes. Volcanoes provide Iceland with a cheap and abundant form of renewable energy. Geothermal and hydroelectric plants abound on the island, driving down the wholesale cost of power, which lets bitcoin miners make higher profits as they run their computers 24/7, 365 days a year.

Is bitcoin mining in Scandinavia a green way out?

That's why Bitcoin mining in Scandinavia is considered a green way out of this dilemma. Iceland was one of the trailblazing countries. According to the Icelandic Blockchain Foundation, 8% of all Bitcoins have been mined there.

Is bitcoin reshaping Iceland's economy?

Bitcoin’s price may be down more than 50% from its highs in December, but no one has told Iceland, where the cryptocurrency and its offspring are reshaping the economy.

Is Sweden a hot spot for bitcoin prospectors?

Norway has already overtaken Iceland in terms of hash rates. Salter thinks that Sweden also has what it takes to become a hot spot for Bitcoin prospectors. "Especially in the north of the country, where we also operate a mining farm, the conditions are comparable to those in Iceland," he said.