This year, electricity use at Bitcoin mining data centres is likely to exceed that of all Iceland's homes, according to Johann Snorri Sigurbergsson.
He said many potential customers were keen to get in on the act.
"If all these projects are realised, we won't have enough energy for it," he told the BBC.
Mr Sigurbergsson's calculations were first reported by the Associated Press.
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Iceland has a small population, of around 340,000 people.
But in recent years it has seen a marked increase in the number of new data centres, often built by firms wishing to tout green credentials. Nearly 100% of energy in Iceland comes from renewable sources.
Bitcoin mining refers to the work done by computers connected to the global Bitcoin network.
These computers solve complex mathematical problems - a process that in turn validates transactions between users of the crypto-currency.
The computers that do this validation work receive small Bitcoin rewards for their trouble, making it a lucrative exercise, especically when done at a large scale.
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