Crypto in Ireland

In March 2018, the Central Bank of Ireland issued a report on digital currencies and the potential risks linked to them. The report stated that the bank does not supervise or regulate digital currencies, including cryptocurrencies like Bitcoin and altcoins. 

The government of Ireland levies no restrictions on holding, using, or trading cryptocurrencies. Natural and legal persons are free to engage in those activities. 

At the same time, cryptocurrency exchanges and wallets must comply with anti-money laundering (AML) and counter-terrorist financing (CTF) regulations under the European Union's Fifth Anti-Money Laundering Directive (5AMLD), which Ireland adopted in January 2020.

Crypto popularity in Ireland

There are few exact statistics on the use of cryptocurrency in the country due to the sector’s largely unregulated and decentralized nature. Here are some of the data points available, which can help one gain insight into crypto adoption in Ireland.

1. In 2021, it emerged that the volume of cryptocurrency traded in the country had increased a great deal. Some cryptocurrency exchanges reported tripled trading volume.
2. According to crypto data aggregator CoinMarketCap, leading cryptocurrency exchanges like Coinbase, Eircoin, and Bitcove operate in Ireland.
3. A report by PwC revealed that crypto adoption among Irish businesses was still relatively limited. Less than a quarter of respondents said they had used or accepted cryptocurrency as a payment method. However, the report also indicated considerable interest in the potential benefits of using cryptocurrency, such as low-cost, high-speed cross-border payments.
4. A 2022 research by Finder shows that around 9% of Irish adults had bought cryptocurrency at some point, with Bitcoin being the top choice. More than half of those surveyed were aware of cryptocurrency, and two out of five knew how it worked.

Talking about the most popular currencies held in Ireland, you can take a look at the stats below provided by finder:

How an Irish farmer earned BTC with cow dung

Now, on to one of the most interesting stories so far this year: Irish dairy farmer Tom Campbell harnessed the surplus energy emitted on his farm to mine Bitcoin! He applies anaerobic digestion to generate renewable energy on his farm in Northern Ireland. The method involves breaking biodegradable substances down to create methane, which is a source of electric power.

The farmer uses the surplus energy that can’t go toward powering the grid to mine the flagship crypto. As we all know, it takes a lot of electricity to mine Bitcoin. However, Campbell’s farm produces enough energy to power more than 10,000 homes.

The government has set the ambitious target of limiting greenhouse gas emissions by a quarter in the next seven years. More than a third of the emissions are generated by agriculture, mainly cows. Managing cow dung has become critical to achieving the above target. In our previous article we’ve discussed the eco-friendly crypto and how mining could be greener.

A promising method

The method Campbell uses to generate renewable energy is quite promising. If two-fifths of farms in the country start applying it, there could be enough electric power for every household. 

Surplus clean energy can be used to mine Bitcoin in cases of low grid demand. Farmers can sell the renewable surplus electric power to the grid and profit from their mining operations at the same time.

Campbell’s activity is proof that you can find a creative solution that is simultaneously helpful to the environment and drives profit. In the future, other farmers could also turn to crypto mining as a practical way of investing surplus power.  

5 top crypto projects from Ireland 

There are several crypto and blockchain projects based in Ireland, which run the gamut of startups to established and reputable firms. We will look at Circle, ConsenSys, Coinprism, AidTech, and NBOF. 

Circle

Circle is a crypto service that allows users to buy, exchange, sell, invest, and trade Bitcoin and altcoins. It was started in the United States, but has a substantial presence in Dublin, where it has an office and a development center.

ConsenSys

This internationally familiar blockchain technology company has an office in Dublin. It provides a wide variety of blockchain-related services, including software development, consulting, and education.

Coinprism

Coinprism is a platform that allows users to issue, transfer, and trade their own digital assets using blockchain technology. The company is based in Dublin and has been operating since 2014.

AidTech

AidTech is a Dublin-based company with a novel idea: it uses blockchain technology to provide humanitarian aid and other services to vulnerable populations across the globe. It has partnered with organizations like the Red Cross, UNICEF, and the World Food Program.

The National Blockchain Observatory and Forum (NBOF)

Finally, this 2018 initiative was launched by the Irish government with the purpose to promote blockchain technology and support the growth of the blockchain ecosystem in Ireland. The initiative features a research center, an industry forum, and a regulatory sandbox for blockchain projects.

So, what is the future of crypto in Ireland? 

The future may be hard to predict because the sector is still largely unregulated and evolving dynamically. The following factors could affect the growth and adoption of cryptocurrency in Ireland in the coming years.

1. Public awareness 
   
   Awareness of cryptocurrency is high, but understanding of how it works is lower. As more people become familiar with cryptocurrency and blockchain technology, it could lead to heightened adoption.
2. Government regulation
   
   Further regulation or guidance from the Irish government could help to clarify the legal status of cryptocurrencies and provide more certainty for investors and businesses.
3. Worldwide tendencies
   
   The adoption and use of cryptocurrency are global phenomena, and developments in other countries could have an impact on the Irish market. Demand for crypto might increase if other countries introduce regulations that make it easier to invest in it. 
4. Innovation and free enterprise
   
   Ireland’s thriving startup ecosystem and solid tradition in tech innovation will attract more businesses and entrepreneurs to the crypto industry, resulting in the creation of new products and services.

The future of crypto in the country will be shaped by a combination of public awareness, regulatory changes, innovation, and global trends. Farmers’ contribution to crypto mining is without a doubt the most interesting trend. It is fascinating to see how this will develop.