From on the brink of bankruptcy to a global computing power powerhouse, how many more interesting stories does this "Crypto Land of Ice and Fire" have?

Iceland, powered by 100% renewable energy (dominated by hydropower and geothermal), has established the world’s lowest-cost mining infrastructure, with industrial electricity prices only one-third of the European average. During the 2010s, it attracted a large number of mining farms, contributing significantly to global hash rate at its peak. As the power grid faces increasing pressure, the government froze new mining licenses starting in 2021, prioritizing aluminum smelting and AI computing power needs. Catalyzed by the failure of Aurora Coin (2014) and a mining theft case (2018), comprehensive MICA regulation was fully implemented in 2024. Licensed entities like MONORUM began offering digital fiat currency services, marking the industry’s transition into a phase of steady innovation.

In 2024, Iceland’s MICA regulatory framework is fully enforced nationwide, requiring all crypto companies to complete anti-money laundering and in-depth identity verification. Speculative mining activities are systematically phased out, and compliance-driven innovation has become the only viable path.