With its vast renewable energy resources, Iceland has emerged as a prominent destination for Bitcoin mining.

However, according to new research by one of the industry’s leading watchdogs, the country has maxed out at around 120 MW of energy for Bitcoin mining, which makes up around 1.3% of the global Bitcoin hash rate.

Thanks to Iceland’s  vast hydro and geothermal energy sources, the country has managed to dedicate 120 megawatts of electricity to Bitcoin mining, which accounts for only 1.3% of the global hash rate. But with a population of only 370,000, Iceland is the world’s largest producer of hash rate per capita.

With an abundance of electricity resources, Iceland is the world’s most electricity-rich country, producing nearly twice as much electricity per capita as Norway, the second country on the list.

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