ICELANDIC BITCOIN RUSH: Cryptocurrency mining drains entire country’s electricity supply

Reykjavik – VIJAY SHAH via Grande Medios Bitcoins have become the source of what could be described as this century’s very own Gold Rush. The mining of cryptocurrencies, which is the most widespread method of obtaining this cyber money, requires a significant amount of both computing power and electrical current. In the northern European island of Iceland, the residents have taken to bitcoin mining in such a way that it is causing the country to actually run out of electricity. Iceland has around 340,000 inhabitants, one of the smallest in Europe. Famed for its volcanic landscapes and breathtaking landscapes, the … Continue reading ICELANDIC BITCOIN RUSH: Cryptocurrency mining drains entire country’s electricity supply

CHINA MINING ACCIDENTS: Two reported last week

Beijing, CHINA VIJAY SHAH via Reuters and the Jerusalem Post     At least two mining accidents have been reported in China in the past week, causing the deaths of 38 miners in total, the Jerusalem Post newspaper reported via Chinese state-owned media and the international Reuters news agency today. As a rapidly industrialising country with a wealth of natural resources, the People’s Republic has seen hundreds of mines established to explore for coal, precious metals and other materials, but many mines are unlicensed and the country has a poor safety record generally, with fatal accidents a regular occurrence. In … Continue reading CHINA MINING ACCIDENTS: Two reported last week