Topic: Iceland’s Industry to Shift From Crypto Mining to ‘Pure Blockchain Business,’ (Read 199 times)

lol genesis mining around marco streng and their investors, might struggle in the future,

lets see them try to switch from "mining" towards "cryptobusiness"

looking for idiots and money earning Cattle.

that bubble is next target

lol bitfury clarke.... new?
hmm must be old

6 unit server rack
total rack=71th
using 6.4kwh

simple maths is still ~ 14thash for 1.3kwh.... same as last years bitmain s9

oh well bitfury. maybe next year
.. i see why they are not concentrating on mining this year.
i see why bitfury and btcc have dropped down in the hashpower ratings on the network

but if they are going to go play around with "blockchain" (meaning altcoins)
then may they stop trying to use the bitcoin buzzword and just go play with altcoins

Can anyone tell me what "pure blockchain business" is? As far as I can tell at the moment blockchain business involves creating tokens related to some blag, cashing them out, then failing and/or disappearing.

They'd be dim to turn away mining though it looks like that isn't the plan. They have not too far off unlimited clean power and that's an extremely desirable thing.

By itself, blockchain technology should develop and be useful in all spheres of human life.
After people trust in the blockchain, people will begin to trust and cryptocurrencies

Iceland leading the trend of integrating blockchain technology as a way of life for the growth of their economy confirms strong support from their Governments. Rather than the big boy (US and alike) take full advantage of the technology, it seems they are looking for ways of ripping the little investors have from their hands.

No doubt anyways as I'm confident all it's a just a matter of time as sooner than later countries with world powers will have no choice than to give full support.

It seems that the country is trying to attract investment to it by any means, in the past by Bitcoin mining and now ‘Pure Blockchain Business,’
That does not seem strange, especially since the economic crisis in 2008 destroyed the country according to Wikipedia[1] "The Icelandic króna had declined more than 35% against the euro from January to September 2008".
I think Iceland has understood the lesson, in addition to the good use of imported.

[1] https://en.wikipedia.org/wiki/2008%E2%80%9311_Icelandic_financial_crisis

That's true! But without the government's support how such big mining operations are ongoing? There must be some kind of support is behind such big operations. To start such a business, a company needs to have different arrays of licenses and certificates from the government. I believe if the government has supported them in getting those licenses, there's at least some kind of support available for them!

Also if the government sees that such blockchain based industries are generating employment, increasing their revenue through taxes and overall helping to cause of the governments, they will certainly come out with a positive policy, if it is not already available.   

The news only stated that Iceland's crypto industry will shift from mining to pure blockchain business and it is not stated whether the government supported their decision or not. It also did not tell whether Iceland's government itself is skeptic about it or not. Either way, this is still good news since the companies mentioned in the news are prominent companies after all.

Many countries strictly prohibit cryptocurrency and bitcoin as legitimate payment instruments, but the country is interested in an attractive blockchain system to be exploited with a good security system and can also be the best solution for inefficiencies or waste in financial systems that have the potential to make broader positive social impact.

Well not necessarily. It looks like they're going into R&D of blockchain technology applications, so they're not necessarily be going to promote Bitcoin itself. They're going to want to find new uses for it, which may or may not involve cryptocurrencies. I don't think this will help Bitcoin's technological aspect either, unless they somehow find a way for crypto to scale that Bitcoin can use.

Either way, this probably won't have a drastic effect on the crypto space. Mining is still projected to be a thing, it's just that people won't be rushing into it.

I think this is a natural development of technology. Coins are only a small part of what distributed registry technology can give. Blockchain also helps to reduce costs, improve control and transparency - these are the factors that business needs now. IMHO

I strongly support the above quoted statements. Blockchain is about to bring an industrial revolution very soon. It's already under way but it needs more investment for further research and development to effectively leverage the technology, to explore more possibilities!

As the profitability from mining drops, mining companies will eventually look forward for other ways to use their readily available infrastructure, which can be done in two ways,

1. Either they will have to look for an altcoin to be mined with lesser difficulty and greater profitability.
2. Or use the infrastructure in to blockchain enabled business.

Or both at the same time! As the world progress more towards blockchain enabled business and industries, these power houses (read mining ops) will become an integral part of the future world and future ways of running a business. The possibilities are endless, but new innovations are required to effectively explore that!

It's good that a sparsely populated country like Iceland had understood the possibilities, while major powers are still skeptical about it!

This is a welcome development, Iceland Crypto industry shifting to pure blockchain businesses will help in the wide adoption of the blockchain technology and as bitcoin is the most popular of them all, it will affect it's price and adoption positively. Beside the mining industry is not that profitable anymore and it's getting centralized so I see no reason why they shouldn't have moved to something much profitable.

Iceland has decided to take the bull by the horn. Rather than struggling with Bitcoin mining, Iceland goes for the technology itself. This is awesome. Read more below:

Iceland’s crypto industry is expected to move away from crypto mining and shift to “pure blockchain businesses.” This is according to forecasts made by a number of local industry insiders who talked to the news site Red Herring September 23.

Halldór Jörgensson, chairman of Reykjavik-based Borealis Data Center, told Red Herring that demand from local crypto and blockchain facilities is “shifting more towards the pure blockchain business,” rather than focusing on Bitcoin mining.

According to Jörgensson, the frenzy around Bitcoin (BTC) mining has declined to a level that is “not as crazy as it was a year ago,” when the cryptocurrency has hit its all-time price high. Despite that, the chairman has suggested that the Bitcoin mining “wave” has contributed to the faster growth of local energy and data industries, whose well-developed infrastructures are now expected to provide a boost to blockchain-related businesses.

Iceland has become one of the leaders in crypto mining due to its naturally cold climate, as well as the abundance of cost-efficient renewable energy sources – mainly geothermal and hydroelectric. The country is home to one of the world’s 5 largest crypto mining farms, whose operator Genesis Mining is reportedly the single largest consumer of electricity in Iceland.

In February, Johann Snorri Sigurbergsson, the business development manager of a local energy supplier HS Orka, predicted that the volume of crypto mining in Iceland will likely double in 2018.

HS Orka’s CEO Asgeir Margeirsson claimed in July that the industry of crypto mining has pushed “the fourth revolution,” while the director of the Icelandic Institute for Intelligent Machines stated that Bitcoin miners are “central to the industrial revolution that is still under way.”

However, HS Orka’s Sigurbergsson also argued that Bitcoin “probably won’t be here far into the future,” claiming that the data centers that are currently used by miners will eventually become new technology incubators.

Earlier this week, blockchain technology group Bitfury announced the launch of its new-generation BTC mining hardware, with plans to use the new machines in its mining centers in Canada, Norway, Iceland and Georgia.

Source: https://cointelegraph.com/news/icelands-industry-to-shift-from-crypto-mining-to-pure-blockchain-business-insiders-say