"Crypto Industry" of Iceland is expected to become "pure Blockchain business"

Iceland's cryptography industry is expected to move away from mining cryptocurrencies and switch to "pure Blockchain businesses", according to forecasts by several members of the local industry.

Halldór Jörgensson, president of the Reykjavik-based Borealis Data Center, told Red Herring that the search for local cryptocurrencies and Blockchain sites is "moving more into the pure Blockchain business", rather than focusing on mining Bitcoin.

According to Jörgensson, the frenzy surrounding the Bitcoin mining fell to a level that "is not as crazy as it was a year ago," when the cryptocurrencies reached its all-time high. Despite this, the president suggested that Bitcoin's "wave" of mining has contributed to the faster growth of local energy and data industries, whose well-developed infrastructure must now boost Blockchain-related business.

Iceland has become a leader in cryptocurrencies mining due to its naturally cold climate as well as the abundance of economically viable renewable energy sources - mainly geothermal and hydroelectric power.

In February, Johann Snorri Sigurbergsson, the business development manager of a local energy supplier, HS Orka, predicted that the volume of cryptocurrenciesl mining in Iceland will likely double in 2018.