Iceland, Sweden, Norway are the popular mining locations of Bitcoin. As we know, mining consumes a lot of computer power and consequently electric power. And these regions have abundance of electric power. China too mines Bitcoins, but relies on mainly thermal electricity.

In mining, computers process complex algorithms, and thus electricity is one key input. As the complexity of algorithms increase, more and more electricity is consumed. There are issues of carbon emissions. Iceland is the pioneer in green mining. Till recently, it mined 8 per cent of international Bitcoin production. The share has now dwindled to 2 per cent.