From near bankruptcy to becoming a global computing power powerhouse, how many more interesting stories does this "Crypto Land of Ice and Fire" have? Summary: Iceland relies on 100% renewable energy to build a low-cost mining infrastructure, attracting numerous mining farms. However, as the power grid pressure increases, the government suspended new mining permits in 2021. In 2024, MICA regulations were implemented to strengthen compliance requirements for crypto companies and promote industry transformation toward stable innovation. Iceland's 100% renewable energy supply (mainly hydropower and geothermal) creates the world's lowest-cost mining foundation, with industrial electricity prices only one-third of the European average. During the 2010s, it attracted massive mining clusters, contributing significantly to global hash rate at its peak. As the grid pressure intensified, the government froze new mining permits starting in 2021, prioritizing aluminum smelting and AI computing power needs. Catalyzed by the Aurora Coin failure (2014) and mining theft cases (2018), MICA regulations were fully implemented in 2024.