I suspect it's to some degree bollocks, but it's also potentially a testament to the low electricity usage of Icelandic homes. With the exception of the Westfj

I suspect it's to some degree bollocks, but it's also potentially a testament to the low electricity usage of Icelandic homes. With the exception of the Westfjords, almost all Icelandic homes and businesses are heated by geothermal hot water. There's such an excess of heat that it's often pumped dozens of kilometers through pipes of varying insulation quality and the heat loss over that distance is still more cost efficient than electricity. They also keep the streets downtown ice-free year round with the extra heat, and dump some of it into a beach behind the city to keep it warm enough for swimming. Anyway, Orka could be playing with their numbers in order to make sensational statements. Tactically not mentioning the hot water, often the majority charge on a residents bill, would make Icelandic houses some of the lowest energy usage in the world. Pretty much everyone else uses electricity to run their climate control devices and often to heat their home hot water, so no real surprises there. By contrast, some amount of air conditioners are required to cool data centers even in Iceland. Factor that into your mining cost despite the fact that in a data center doing other things it would be running anyway, and voila, there's your difference. I doubt that much power is going through transistors.