Iceland's vast network of hydroelectric and geothermal plants have made the island nation the world's largest energy producer per capita. A robust crypto mining industry has also made it the world's foremost Bitcoin hashrate producer by the same metric. Yet when Prime Minister Katrín Jakobsdóttir looks to the future, she prefers to picture corn over crypto mining.
The price of Iceland's 100% renewable electricity is insulated from fluctuations in global fuel prices, making the country an attractive destination for crypto miners. However, with electricity growing scarcer under high demand and with few new power plants under construction, the crypto mining industry is not expected to grow in the country, according to research firm Luxor.
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