Icelandic Lawmaker Floats Bitcoin Mining Tax

A worker walks along a row of computer rigs that run around the clock ‘mining’ bitcoin inside the Genesis Mining cryptocurrency mine in Keflavik Iceland

Icelandic Lawmaker Floats Bitcoin Mining Tax

For now mining facilities are increasing power consumption fast in Iceland Sigurbergsson said that for now there is exponential growth in energy consumption by mining centers.

For Bitcoin mining computers connected to the global Bitcoin network should solve complex mathematical problems and receive Bitcoins as rewards for their work.

According to Iceland's National Energy Authority, bitcoin mining is expected to double Iceland's energy consumption to around 100 megawatts this year, which is more than households on the island nation of 340,000 use, Metro News reported on Sunday.

According to The Associated Press, McCarthy is considering the possible taxation of bitcoin mining firms such as the one in Keflavík.

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Another advantage of Bitcoin mining in Iceland is the cool climate, which provides natural cooling for the large computer servers used in the data centers.

Nearly all of Iceland's energy comes from renewable sources and a number of large virtual currency companies have started establishing bases for the energy-sapping task of mining cryptocurrencies.

"I don't see it stopping quite yet". The country's homes, collectively, use about 700 gigawatt hours per year, he said. He claims that he is getting many calls from investors wanting to build centers in Iceland.

He added that there is such an abundance of data centre proposals that giving all of them the green light would be impossible. If Iceland approved all of the proposed Bitcoin mining projects, there simply wouldn't be enough electricity to supply them all.

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The crypto-currency mining industry in Iceland was recently given a boost thanks to the launch of The Moonlite Project - a large data centre where various crypto-currencies, including Bitcoin, will be mined.

The development of the mining organizations in Iceland has prompted the lawmaker of its Pirate Party, Smari McCarthy to bring up the idea of taxing the profits of bitcoin mines.

Bitcoin mining is booming in Iceland.

"Under normal circumstances, companies that are creating value in Iceland pay a certain amount of tax to the government", McCarthy was quoted as saying. Recent research from Sandbag demonstrated that bitcoin mining is one of a few emerging additional power demands specific to the digital economy, as well as video streaming.

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