Iceland recently became one of the first countries in Europe where bitcoin mining has reached an industrial level.
According to Jaran Mellerud, a researcher in the field, it is estimated that the bitcoin mining sector in the country uses 120 MW, which is 1.3 percent of global hash rate capacity. Given Iceland's population of 370,000, this figure is even more staggering.
Surprisingly, the cost of electricity in Iceland is generally higher than in other Scandinavian countries such as Norway and Sweden, but the country remains an attractive option for miners.
Mellerud emphasised one of the most significant advantages of bitcoin mining in Iceland: the complete isolation of its electricity system from the rest of the world, which protects its players from possible increases in global electricity prices. Moreover, electricity in this country is generated from renewable energy sources.
Additionally, miners have been operating in Iceland for almost a decade without any major regulatory problems, so the country is considered the safest jurisdiction for bitcoin mining.
El Salvador may have attracted attention with its project to mine bitcoin from a volcano, but the people of Iceland have been doing it on a much larger scale for years. They also use the energy of waterfalls. Thus, Iceland will certainly remain an attractive destination for BTC miners.