Iceland is becoming the best location for cryptocurrency mining, and especially bitcoin mining in Iceland has expanded significantly recently. Thanks to the mountainous geography, humid climate and volcanic geology, the conditions here are ideal for obtaining hydro and geothermal energy. Low energy prices, renewable resources and a cold climate are thus aiming for an ever-increasing increase in cryptocurrency miners in the country. Among other things, Iceland is the richest country in electricity in the world, with almost twice the amount of electricity produced per capita than Norway, which is second on the list. Iceland and Norway are also the only countries in the world that use fully renewable energy sources.
El Salvador has gained a lot of attention in the Bitcoin community for its mining projects, however Icelanders have been benefiting from volcanic activity on a much larger scale for several years.
Iceland's Bitcoin mining industry consumes almost 120 MW of electricity, representing a share of 1.3% of global hash rate production. Considering that Iceland has just under 375,000 people, it is the largest producer of Bitcoin hash rate per capita.
