Iceland’s prime minister favors farming over finance as Bitcoin miners feast on the island’s cheap power

Whether you’re a Bitcoin maximalist, you think it’s a giant scam or you fall somewhere in between, what’s not up for debate is that Bitcoin mining uses a lot of energy. In order to keep costs as low as possible, miners look for cheap energy. The lower the energy costs, the greater the profit. And there are few countries with energy costs as low as they are in Iceland. The exploding demand for cheap power means Iceland has become a global hub for Bitcoin mining, and that’s something Iceland’s Prime Minister Katrín Jakobsdóttir is not happy with.

In an (paywalled) interview with the Financial Times (via, Jakobsdóttir outlined her vision to pivot away from mining towards more efficient uses of energy, particularly food production. She mentioned corn in particular, as the island country imports over 50% of its vegetables and nearly 100% of its grain.

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By asm3a