Iceland aims to transfer the energy resources currently used in Bitcoin mining towards the food sector, prioritizing agriculture and national industries.
In recent years, thanks to its abundance of hydroelectric and geothermal resources, Iceland has been a favorable country for Bitcoin mining, witnessing the establishment and migration of numerous mining centers within its national borders. However, the country is now preparing to change its strategy.
In an interview with the Financial Times, Iceland Prime Minister Katrín Jakobsdóttir announced the intention to reduce mining activities in the country in order to strengthen the food sector, food production, and the powering of homes and industrial sectors. The decision is part of the plan to reduce dependence on imports.
According to Jakobsdóttir, the energy demands of Iceland’s 375,000 citizens should take precedence over those arising from mining facilities.
Jakobsdóttir expressed concern about miners’ use of a significant portion of Iceland’s clean energy and proposed that this energy be redirected towards construction and other industrial sectors in the country.
During the interview, Jakobsdóttir stated:
“Bitcoin is an issue worldwide . . . but data centres [mining centers] in Iceland use a significant share of our green energy.”
Bitcoin community’s reactions
Following the statements of the Icelandic Prime Minister, the Bitcoin community on X reacted as follows:
Daniel Batten, environmentalist and CEO of CH4 Capital, corrected Jakobsdóttir’s statements, commenting:
Peter McCormack, host of the podcast What Bitcoin Did, has stated:
