Bitcoin latest news: HUNDREDS of cryptocurrency mining computers STOLEN from Iceland

About 600 servers were taken from data centres in Reykjanesbær, near Reykjavik airport, and Borgarnes on Iceland’s west coast in January and February.

Investigators are still trying to locate the missing equipment, worth about £1.45million, that was likely stolen to mine digital currencies.

Millions of pounds can be made from mining Bitcoin, however, it require large and expensive computer servers to do so.

At it most basic level, mining bitcoin involves computers solving complex mathematical equations in the hope of ‘discovering’ a coin The computer servers used to make Bitcoin can become hot and overheat so that cooler climate makes the country an ideal location to mine digital money.

The computer servers also use a large amount of energy, meaning Iceland’s low cost electricity is an extra incentive for farmers to base themselves in the country.

The amount of energy now required to mine a single Bitcoin now exceed the amount of energy used by Iceland's 340,000 inhabitants to power their homes. The stolen equipment is believed by police to be a part of organised crime.

A spokesman said: “Everything points in that direction.”

About 10 people have been brought in for questioning over the missing servers and two Icelanders in their 20s and 30s have been arrested. Police are now contacting internet service providers as well as electricians and storage units to ask them to contact the police is they experience a sudden spike in energy usage. Since Bitcoin was first mined in 2009, the virtual money has seen its value surge and it reached an all time high of more than $17,000 (£12,000) in December 2017.

However, it a volatile currency and has since plunged to the value of just £7,026.87.