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Iceland’s Industry to Shift From Crypto Mining to ‘Pure Blockchain Business,’ Insiders Say

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Chairman of an Icelandic data center provider claims that the local crypto industry is going to shift from crypto mining to “pure blockchain business.”

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 و 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 “wavehas 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 sourcesmainly 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.

الصفحة الرئيسية أخبار التشفير CFTC Chair: Crypto Needs ‘Do No Harm’ Approach That Regulators Gave the Early Internet
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CFTC Chair: Crypto Needs ‘Do No Harm’ Approach That Regulators Gave the Early Internet

CFTC Chair: Crypto Needs ‘Do No Harm’ Approach That Regulators Gave the Early Internet

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U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has said that crypto needs a “do no harm” approach from regulators to flourish.

U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo has said that crypto needs a “do no harmapproach from regulators to flourish, in an interview at the annual Singapore Summit today, Friday 14.

Chairman Giancarlo said he took the precedent from the early days of the Internet, which he argued was able to develop and mature because of the government’s minimal interventions:

“I’m advocating the same approach to cryptocurrencies and all things having to do with this new digital revolution of markets, and of currencies, and of asset classes.

Nonetheless, he distinguished between the CFTC’s short-term approach to tackling illicit activity on the crypto markets, and the agency’s longer-termand potentially critically impactfuldecisions on policy making for the nascent industry:

When it comes to fraud and manipulation, we need to be strong. When it comes to policy making, I think we need to be slow and deliberate and well informed.

The Chairman also rebutted accusations that the U.S. regulatory context for crypto has been slow to take clear shape, noting that the CFTC had presided over the “very firstregulated offerings of Bitcoin (BTC) futures, which launched on December 2017 on the stalwart American CME و CBOE exchanges.

The question of how cryptocurrencies should be defined and which agencies are responsible for their regulation have long been debated by U.S. regulators. A U.S. House hearing earlier this summer encapsulated the unique challenge posed by crypto, with speakers emphasizing that digital assets complicate the hard and fast distinctions of existing regulatory frameworks.

This year two federal judges have ruled on major cases that confirmed the applicability of federal commodity regulations to Bitcoin under the CFTC’s oversight, as well asjust this weekthe applicability of U.S. securities laws for prosecuting crypto fraud allegations.

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