Iceland has emerged as a leading global hub for cryptocurrency mining, leveraging its 100% renewable energy resources. The country's journey from near bankruptcy to a crypto powerhouse began in the 2010s, driven by low electricity costs that attracted significant mining operations. However, in 2021, Iceland froze new mining permits to prioritize industries like aluminum and artificial intelligence. In 2024, the implementation of the MiCA framework introduced stringent counter-financial terrorism measures, including anti-money laundering protocols and comprehensive identity checks. This regulatory shift is phasing out speculative mining activities, steering the industry towards compliance and innovation. Iceland's focus on sustainable energy and regulatory compliance positions it as a key player in the evolving global crypto landscape.