Iceland's 100% renewable energy power supply (dominated by hydropower and geothermal energy) forms the foundation for some of the world's lowest-cost mining infrastructure, with industrial electricity prices only one-third of the European average. This attracted a massive influx of mining farms in the 2010s, contributing a significant share of global computing power at its peak. However, as grid pressures increased, the government froze new mining licenses in 2021, prioritizing aluminum smelting and AI computing power needs. Following the failure of Aurora Coin (2014) and the mining theft scandal (2018), the MICA regulatory framework was fully implemented in 2024, with compliant entities like MONORUM receiving licenses to advance digital fiat currency services, ushering in a period of stable innovation for the crypto industry.

Iceland will fully implement the MICA regulatory framework in 2024, mandating crypto companies to complete anti-money laundering and deep identity verification, systematically eliminating speculative mining activities, and making compliant innovation the only path.