Iceland's crypto industry is on the rise, with its abundant renewable energy making it an attractive location for **Bitcoin mining**. However, the country faces challenges in balancing its energy needs with the demands of the industry. While Iceland is rich in geothermal, hydropower, and wind power,  **recent years have seen increased demand for electricity**,  leading to energy shortages.  This has led to concerns about the environmental impact of Bitcoin mining, with some framing it as a negative for the industry. However, **Bitcoin miners are flexible buyers of power and have been able to utilize otherwise wasted energy**.  Gulli Gislason, chief investment officer at **Viska Digital Assets**, a liquid token investment fund, believes that the tide is beginning to turn as officials recognize the need for more energy. He also emphasized the importance of **liquidity, risk management, and selecting the right counterparties** when it comes to investing in crypto.  The future of Iceland's crypto industry looks bright, with the potential for mainstream adoption as major players like BlackRock become involved.

<p style="float:right; margin:0 0 10px 15px; width:240px;"><img src="https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDYvMWM4N2U2YWQtMzRhMC00NGZhLWE4YmItZTdiYTBhMWI2MzMxLmpwZw==.jpg"></p><p>Energy-rich Iceland is “making strides” in crypto, says Gulli Gislason of Viska Digital Assets.</p>

Robert D. Knight 8 minutes ago Energy-rich Iceland is “making strides” in crypto, says Gulli Gislason of Viska Digital Assets. 42 Total views Listen to article 0:00 Interview Own this piece of crypto history Collect this article as NFT Join us on social networks The crypto industry in Iceland is “making strides” but has yet to reach its full potential, and several advantages — including those offered by its unique geography — have yet to be maximized.Cointelegraph spoke with Gulli Gislason, chief investment officer at the Icelandic liquid token investment fund Viska Digital Assets, to better understand the opportunities and challenges facing his northern homeland.To begin with, Gislason covered some familiar territory: the 2008 banking crisis, which hit Iceland harder than almost anywhere else. In response to the crisis, the Icelandic government instituted capital controls, restricting the movement of the Icelandic króna, the national currency. Gislason said, “It really opened people’s eyes for cryptocurrencies as an asset class and, of course, blockchain technology as well.”In 2014, that public interest was further stimulated when Iceland’s very own Satoshi Nakamoto — the pseudonymous Baldur Friggjar Óðinsson — airdropped Auroracoin to the 330,000 people listed in the national ID database.“It never became like a big currency or anything,” says Gislason, “But they actually airdropped this currency to all the Icelandic people and everyone who was interested. They could just claim their tokens. And some of the people managed to transfer it into Bitcoin.”Even so, Gislason believes that Iceland has some distance to travel in terms of adoption and crypto education.“Although [Viska Digital] have been actively managing funds within crypto for around two years now, I believe the level of sophistication and acknowledgments of crypto as an asset class is still very early and even more early than the countries around us,” Gislason said. “We are a little bit behind, but we are making strides to get Iceland on the map and get the investor base familiar with it,” said Gislason.Rich in renewables, but energy still tightIceland certainly does not lag when it comes to renewable power. Thanks to its unique geography, over a quarter of Iceland’s power is generated by geothermal energy. The country lies at the convergence of the Eurasian and North American tectonic plates, making it some of Earth’s most geologically active terrain. Take a virtual trip to Iceland to see how Bit Digital utilizes 100% carbon-free renewable energy sources from water and volcanoes to generate #Bitcoin pic.twitter.com/N6b97gtGbi— Bit Digital, Inc. NASDAQ:BTBT (@BitDigital_BTBT) August 31, 2023 The island nation also has significant hydropower and wind power, with 99.98% of Iceland’s total power supply coming from renewables.“Iceland is a country which is rich in renewable energy,” Gislason said.And as Gislason points out, this makes it ideal for Bitcoin (BTC) mining.Recent: Ether and altcoin price outlook positive after SEC drops investigation“Bitcoin miners are flexible buyers of power and have allowed Icelandic power producers to sell excess energy in recent years, utilizing otherwise wasted energy,” Gislason said. “We don’t have any underwater cables to the mainland of Europe or the United Kingdom or the United States. So we are a closed electricity system.”Viska Digital Assets is very familiar with Iceland’s mining industry. Three of its founders are also involved with Greenblocks, a separate Bitcoin mining firm operating in a joint venture partnership with the U.S. miners BitDigital. But while there is huge potential for Bitcoin miners in Iceland, there are also challenges that need to be overcome.“Like all the world, we’ve been making subsidies for imports of electric vehicles, so the demand for electricity has gone up. Development of new power plants has been minimal due to regulatory constraints, and today the market is in many ways fully tapped with periods of energy shortages,” acknowledged Gislason.These pressures have fed into environmental concerns about the industry.“This has created a false narrative in Iceland framing Bitcoin miners as being a net negative for the energy industry when they have, in fact, been a buyer of otherwise unused energy,” asserts Gislason.Then what of the future? Gislason is optimistic and believes the tide is beginning to turn as officials wake up to the pressing need for more energy.“We are understanding now that we have been making way too few power plants,” he said.Viska Digital AssetsAfter discussing the climate for cryptocurrency in Iceland, the discussion moved on to Viska Digital and what the hedge fund looks for in a potential investment.“The first criteria is, of course, investing in tokens with sufficient liquidity so we can actually move around without affecting the price,” he says. “And another criteria is focusing on what sectors of the market we find most interesting. There, the technology aspect of the team comes in handy.”As Gislason explains, two of Viska Digital’s six founders come from traditional finance, while the others have more technical backgrounds.Recent: Why are traders shorting Michael Saylor’s MicroStrategy?“We focus very much on having staying power for the long run, and therefore, we have a high focus on having proper risk management and selecting the right counterparties,” says Gislason, who goes on to recount how the firm’s risk aversion helped them avoid exposure to FTX or Silvergate Bank.To conclude, Gislason tells Cointelegraph what he sees when he looks to the future of the industry as a whole.“I believe that we are on the most exciting stage of the adoption s-curve,” says Gislason. “We are approaching a time where this is getting much more mainstream [...], and predominant players like BlackRock and others are starting to participate actively and talking positively about Bitcoin and all the crypto assets [...] I think this is probably the most exciting time that we have experienced in crypto.”#Bitcoin #Mining #Business #Bitcoin Price #Bitcoin Mining #Iceland #Energy #Renewable Energy Add reaction

Iceland's Crypto Industry: A Promising Future with Energy Challenges

![Bitcoin News](https://stat.theblock.co/cdn-cgi/image/format=webp,q=50/wp/uploads/2024/09/20240904_Bitcoin_News_3-1200x675.jpg)

## Quick Take

- **Bitcoin fell below $108,000** as traders derisked ahead of unpredictable macroeconomic events
- **U.S. President Trump is expected to meet Chinese leader Xi Jinping** later this month, with trade tensions likely to persist afterward

## Market Decline and Analyst Insights

**Bitcoin fell below $108,000** as traders assessed lingering macroeconomic risks, primarily **trade tensions between the U.S. and China**.

According to The Block's crypto price page, **bitcoin fell 2.6% in the past 24 hours to $107,854** as of 1:40 a.m. ET Tuesday. The cryptocurrency had briefly rebounded above $111,200 on Monday after recovering from a three-day slump.

One analyst told The Block that **crypto prices may continue to exhibit similar volatility in the near term**.

"We simply believe that **macro concerns are driving day-to-day changes in the market**," said Jeff Mei, COO at BTSE. "**Volatility will continue as long as there are trade tensions between the U.S. and China**."

Mei added that the latest decline was primarily driven by **traders derisking ahead of the upcoming meeting between Chinese leader Xi Jinping and U.S. President Trump**, scheduled to take place in South Korea at the end of October.

"While it's possible that they may come to an agreement at the end of the month and cause markets to rally, **it's unlikely that tensions will evaporate altogether**," Mei added.

## Broader Market Impact

**Macro headwinds also dragged down major altcoins**, with **ether slipping 4.77% to $3,855**, **BNB falling 5.36%**, and **Solana losing 4.26%**.

**Spot crypto exchange-traded funds saw outflows on Monday**. **Spot BTC ETFs reported $40.5 million in net outflows**, while **spot ETH ETFs saw $145.7 million move out from the fund**, according to SoSoValue data. This came after **BTC ETFs recorded their second-largest net weekly outflows last week, worth $1.23 billion**.

With retail and institutional both showing unfavorable numbers, **The Block's Fear and Greed Index stands at 29, which indicates fear among market participants**.

## Market Outlook and Investor Strategy

"**The biggest risk to crypto markets today is the fact that macro developments and trade discussions are unpredictable** — markets can rise and fall at the whims of a single tweet," Mei said. "**All investors can really do is diversify their assets and attempt to hedge against uncertainty**."

Traders, hopeful for another interest rate cut this month and an early end to quantitative tightening, now look to **Friday's release of the consumer price index data, an important inflation indicator**.

**CME Group's FedWatch Tool currently indicates a 98.9% chance that the Federal Reserve may cut rates by 25 basis points**.

One analyst told The Block that crypto prices may continue to exhibit similar volatility in the near term.

Bitcoin Plunges Below $108,000: Analyst Warns Volatility Will Continue Amid US-China Tensions

Ripple's latest venture is taking its crypto ambitions to Wall Street. Evernorth, a digital asset treasury backed by Ripple, announced it will merge with Armada Acquisition Corp II (AACI) and list on the Nasdaq (NDAQ), raising over **$1 billion** in proceeds.

The company plans to use the funds to purchase **XRP (XRP-USD)**, the fifth-largest cryptocurrency by market value, and create the **largest publicly traded XRP treasury** in the world.

Evernorth describes itself as a digital asset company designed to accumulate XRP under a regulated, public structure. The listing will allow investors to gain **indirect exposure to XRP price movements** through traditional equity markets rather than crypto exchanges. The deal is expected to close in early 2026, with shares trading under the proposed ticker **XRPN**.

## Ripple Rallies Big Backers

The deal has drawn heavyweight support from across the crypto and financial sectors. Japanese financial giant **SBI Holdings** has committed roughly $200 million, while **Ripple**, **Pantera Capital**, **Kraken**, **GSR**, and Ripple co-founder **Chris Larsen** are also among the investors. The transaction sponsor, **Arrington XRP Capital**, will oversee the SPAC merger.

Evernorth's leadership stated the goal is to create a **transparent, liquid, and compliant vehicle** for institutional investors who want exposure to XRP without holding the token directly. Additionally, the firm will use part of its proceeds to provide liquidity and manage yield strategies tied to XRP's performance.

## Turning XRP Price into a Public Market Experiment

Evernorth's model is straightforward: it will act as a publicly traded treasury that accumulates and manages XRP on behalf of shareholders. The company's success will depend heavily on **XRP's price trajectory**, making the stock effectively a **public market proxy** for the cryptocurrency.

If XRP prices rise, Evernorth's holdings increase in value, creating potential for equity upside. If they fall, the company's valuation will likely mirror this decline. Analysts see the launch as a test of how far traditional markets are willing to go in **blending digital assets with listed corporate structures**.

## Evernorth Creates a New Channel for Regulated Crypto Access

The timing of Evernorth's debut coincides with improving sentiment in crypto regulation and renewed interest in digital asset funds. XRP has gained traction among institutional investors following **Ripple's legal victories** and its expanding use in cross-border payments. Evernorth aims to turn this momentum into an investable product that meets public-market standards.

However, the concept carries risk. Concentrating more than a billion dollars into a single token could **amplify volatility**. Critics warn that a public treasury model leaves investors exposed to both crypto market swings and corporate governance challenges. Evernorth insists that its **regulatory framework and transparent reporting** will help mitigate those risks.

At the time of writing, **XRP is sitting at $2.4599**.

![XRP Price Chart](https://blog.tipranks.com/wp-content/uploads/2025/10/Screenshot-2025-10-20-at-15-1-1024x544.png)

Ripple’s latest venture is taking its crypto ambitions to Wall Street. Evernorth, a digital asset treasury backed by Ripple, said Monday it will merge with Armada A...

Evernorth's $1 Billion Nasdaq Deal: Bet on XRP's Price in the Public Markets

## CleanSpark's Strategic Evolution

CleanSpark, Inc. (Nasdaq: CLSK), known as America's Bitcoin Miner®, has announced a significant business evolution from being a pure-play **Bitcoin miner** to incorporating **AI compute** into its operations. This move is highlighted by the appointment of **Jeffrey Thomas** as Senior Vice President of AI Data Centers, bringing over four decades of global experience in emerging technologies and data center infrastructure.

### Driving Expansion into AI Infrastructure

As Senior Vice President of AI Data Centers, Mr. Thomas will lead CleanSpark's strategy to expand beyond **Bitcoin mining** by developing and operating advanced **AI data center infrastructure**. This strategic shift aims to diversify the Company's revenue streams, strengthen long-term cash flow potential, and enhance its ability to serve leading technology companies worldwide.

Mr. Thomas is a globally recognized entrepreneur and executive, having led or participated in 19 ventures that created over **$12 billion in shareholder value**. He joins from his role as President of AI Data Centres at Humain, where he spearheaded Saudi Arabia's multi-billion AI data center program, building strategic partnerships with hyperscalers and advancing sovereign compute initiatives.

### Leveraging Bitcoin Mining Expertise

CleanSpark's expansion builds on its proven, vertically integrated **infrastructure-first model**, leveraging large-scale **Bitcoin mining** expertise to unlock value across its land and power portfolio. The Company's strong track record in rapid site development positions it to capitalize on accelerating demand for digital infrastructure driven by the rise of **AI** and compute-intensive applications.

### Leadership Insights

Matt Schultz, CleanSpark's CEO and Chairman, stated, "Jeffrey's decades of experience building and scaling digital infrastructure platforms make him an exceptional addition to our leadership team. His track record of creating billions in shareholder value and forging partnerships with world-leading technology companies will be instrumental as we expand operations and deliver diversified growth for our shareholders."

Jeffrey Thomas added, "CleanSpark is at a pivotal moment in its journey. The Company has established itself as a leader in large-scale **Bitcoin mining**, and I look forward to building on this foundation by expanding into next-generation digital infrastructure. Together, we have a tremendous opportunity to deliver exceptional solutions for customers while creating long-term value for shareholders and positioning CleanSpark at the center of the **AI and intelligent computing revolution**."

Scott Garrison, Chief Development Officer and Executive Vice President, noted, "We have identified Georgia as a strategic region for potential conversion and expansion. We recently contracted for additional power and real estate in College Park to deliver high-value compute to the greater Atlanta metro area and are evaluating giga-campus opportunities across our portfolio to meet significant off-taker demand. With Jeff on board, we are ready to rapidly scale and maximize the value of our growing power and land footprint."

### About CleanSpark

CleanSpark is a market-leading data center developer with a proven track record, owning and operating a portfolio of power, land, and data centers across the United States. The Company optimizes its infrastructure to deliver superior returns by monetizing low-cost, high-reliability energy to produce compute, positioning it to prosper in an ever-changing world.

**Forward-Looking Statements**

This press release contains forward-looking statements regarding the Company's expectations, plans, and strategies, subject to risks and uncertainties. Factors include the success of AI site development, revenue generation from non-Bitcoin data centers, regulatory approvals, and impacts of global trade policies. The Company assumes no obligation to update these statements.

**Investor Relations Contact**
Harry Sudock
702-989-7693
ir@cleanspark.com

**Media Contact**
Malory Van Guilder
651.335.0585
malory@skyya.com

/PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK), America's Bitcoin Miner® (the "Company"), today announced the appointment of Jeffrey Thomas as Senior Vice...

CleanSpark Shifts from Bitcoin Mining to AI Compute: A Game-Changing Move for the Future

## Bitcoin's Unexpected Decoupling from Nasdaq

**Amid a week where major assets, including Gold and the Nasdaq 100, posted gains, Bitcoin lagged significantly.** The recent Bitcoin decoupling suggests the asset is neither a risk-on nor a safe-haven asset.

According to Coingecko, Bitcoin’s price has declined by approximately **2.09% over the past seven days**. This occurred while safe-haven gold surged **4.85%** and the risk-on Nasdaq 100 Index climbed **1.34%**.

## What Caused the BTC-Nasdaq Decoupling?

For much of the year, Bitcoin has maintained a **high correlation with the Nasdaq 100**, generally rising and falling in tandem. This relationship held early last week.

The mood was positive through Tuesday after Federal Reserve Chair Jerome Powell hinted at a potential **interest rate cut** at the October FOMC meeting and a possible end to **Quantitative Tightening (QT)**. These statements led to minor gains for both the Nasdaq and Bitcoin.

However, the correlation began to break sharply starting at 9 am UTC on October 15. From that point, the Nasdaq 100 finished the week up **0.44%**, while Bitcoin plunged **3.71%**.

## Leverage Washout Cited as Primary Cause

On-chain analysts point to the massive crypto crash on October 10—an event that saw over **$19 billion in liquidations** and injected fear into the market—as the likely culprit.

TeddyVision, an analyst at CryptoQuant, highlighted two distinct trends between August 1 and mid-October. Analyzing the 30-day Simple Moving Average (SMA) of stablecoin net inflows to exchanges, he found that **USDC inflows to spot exchanges** (typically used for spot buying) declined.

Meanwhile, **USDT inflows to derivatives exchanges** (often used for collateral) increased. This suggests that capital used for actual asset purchases decreased. Meanwhile, liquidity supporting leveraged derivatives, such as futures and perpetual contracts, surged.

## The Role of Synthetic Demand

According to this analysis, it might not have been **organic spot demand** which have driven the recent price appreciation. Instead, it was likely caused by **speculative leverage** and **synthetic exposure** linked to derivatives and ETF-related capital rotation.

The October 10 crash may have instantly evaporated the market’s **speculative buying pressure**, explaining why Bitcoin failed to rally alongside the recovering Nasdaq 100.

## Geopolitical Hopes and Altcoin Strength

Bitcoin showed a slight rebound on Sunday, crossing the **$108,000 mark** for the first time since the drop. For Bitcoin to successfully chase the Nasdaq’s recovery this week, attention must shift back to the potential de-escalation of the **US-China tariff war**, which initially caused the price to plummet from the $122,000 level to $100,000.

The atmosphere appears tentatively optimistic. In a Friday interview, President Donald Trump indicated that he does not believe the **100% tariff on China** is “sustainable,” suggesting that the high tariff was merely a negotiating tactic to gain concessions on rare earth exports.

Treasury Secretary Scott Besent is scheduled to hold working-level talks with Chinese Vice Premier He Lifeng this week in Malaysia. These discussions aim to set the stage for a potential **US-China summit** at the APEC meeting on October 31 in Gyeongju, South Korea.

Despite Bitcoin’s two-week slump, **investor sentiment remains resilient**. The rapid recovery of altcoins evidences this. While BTC fell approximately 2%, **ETH rose 5.96%** and **SOL gained 7.12%** over the same period, signaling that lower-cap altcoins are recovering faster than the benchmark asset.

## Looking Ahead: Macro Indicators and Earnings

This week, we will also see the release of crucial **macroeconomic indicators**, including the delayed **CPI data** on Friday due to the shutdown of the US government. Manufacturing and service PMI figures and the University of Michigan Inflation Expectations will be released concurrently.

Bitcoin lagged the Nasdaq last week due to a leverage washout. Analysts point to speculative demand. US-China talks & CPI are now in focus.

Iceland's Crypto Industry: A Promising Future with Energy Challenges

Summary:

Iceland's crypto industry is 'making strides' but still in early stages of adoption.

The country's abundant renewable energy makes it ideal for Bitcoin mining.

Increased demand for electricity due to factors like electric vehicle subsidies has led to energy shortages.

Bitcoin miners have been buying excess energy, but concerns remain about the environmental impact.

Viska Digital Assets, an Icelandic hedge fund, focuses on liquidity, risk management, and selecting the right counterparties in its investments.

The future of the industry is bright, with mainstream adoption on the horizon and major players like BlackRock getting involved.

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Other Latest News

Bitcoin Plunges Below $108,000: Analyst Warns Volatility Will Continue Amid US-China Tensions

Evernorth's $1 Billion Nasdaq Deal: Bet on XRP's Price in the Public Markets

CleanSpark Shifts from Bitcoin Mining to AI Compute: A Game-Changing Move for the Future

Bitcoin's Shocking Nasdaq Breakup: The Hidden Leverage Crisis No One Predicted

Other Latest News

Bitcoin Plunges Below $108,000: Analyst Warns Volatility Will Continue Amid US-China Tensions

Evernorth's $1 Billion Nasdaq Deal: Bet on XRP's Price in the Public Markets

CleanSpark Shifts from Bitcoin Mining to AI Compute: A Game-Changing Move for the Future

Bitcoin's Shocking Nasdaq Breakup: The Hidden Leverage Crisis No One Predicted