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GreenBlocks CEO: Before the Emergence of Crypto Mining in Iceland, the Vast Majority of Non-Guaranteed Electricity Was Not a Marketable Product

Daniel Jonsson, CEO of GreenBlocks, a data center service provider in Iceland, stated that before the emergence of the cryptocurrency mining industry in Iceland, the vast majority of non-guaranteed electricity was not a saleable product, so essentially we are buying electricity that others cannot buy."

A research report from cryptocurrency mining service provider Luxor Technologies stated that "another advantage of Iceland's power system is that it is completely isolated from the rest of the world, thereby protecting it from the impact of global electricity price inflation." Luxor estimates that Bitcoin mining in Iceland consumes about 120 megawatts, and "Iceland, with a population of only 370,000, is the country with the highest density of Bitcoin mining on Earth."

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