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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 Settembre 23.

Halldór Jörgensson, chairman of Reykjavik-based Borealis Data Center, told Red Herring that demand from local crypto e 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, predetto 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.

Tuttavia, 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.

All'inizio di questa settimana, 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.

Casa Crypto News European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing
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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing
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European Central Bank: ‘No Plans’ for Digital Currency, Cash Demand Growing

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The European Central Bank is not planning on issuing its own digital currency under current conditions, President Mario Draghi has confirmed.

The European Central Bank (ECB) has “no plansto issue its own digital currency, President Mario Draghi told the European Parliament Wednesday, Settembre 12.

Addressing a query by MEP Jonás Fernández, Draghi said “substantial developmentwas still needed in the underlying technology behind cryptocurrencies before the Central Bank would consider using them.

“The ECB and the Eurosystem currently have no plans to issue a central bank digital currency,” he summarized:

“Nonetheless, we are carefully analysing the potential consequences of issuing such a currency as a complement to cash.

Explaining why no plans were afoot at the ECB, Draghi drew attention to those same factors.

The technologies which could potentially be used to issue a central bank digital currency […] have not yet been thoroughly tested and require substantial further development before they could be used in a central bank context,” he told Fernández, adding:

“With regard to the central bank administering individual accounts for households and companies, this would imply that the central bank would enter into competition for retail deposits with the banking sector and lead to potentially substantial operational costs and risks.

He added there was at present “no concrete needto issue an additional currency within the eurozone, saying demand for cash banknotes “continues to growin the EU28.

Draghi continues the wary stance the 28-member bloc has traditionally held on bank-issued cryptocurrency, in contrast to moves by countries such as Russia e China.

Earlier this year, a joint report from the ECB and Bank for International Settlements (BIS) highlighted “side effectsof a potential launch of such a currency, also considering the need for more research beforehand.

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