The mining credentials of Norway are impressive: The little European country uses 100% green, renewable energy to host 0.77 percent of Bitcoin’s hash rate.
According to a report by Arcane Research, bitcoin (BTC) mining in Norway is 100 percent renewable and “thriving.”
“A lush sanctuary of renewable energy,” says the narrator. Norway generates nearly 1% of the global hash rate and is almost entirely fueled by hydroelectricity. According to the analysis, Norway contributes 0.77 percent of the overall global hashrate of Bitcoin, based on statistics from the Cambridge Bitcoin Electricity Consumption Index and Coinshares. Norway’s population of 5 million people contributes a tenth of that, or 0.07 percent of the world’s population. Importantly, Norway’s electricity mix is 100 percent renewable, with 88 percent hydro and 10 percent wind, according to the Norwegian Water Resources and Energy Directorate (NVE). As a result, Bitcoin miners in Norway are exclusively reliant on “green” power.
“The most important thing bitcoin miners should know about Norway’s electricity mix is that it is 100% renewable and will remain so.” “Huge growth for mining in Northern Norway, where stranded hydropower is abundant, providing miners access to incredibly inexpensive and 100 percent renewable electricity,” Jaran Mellerud, an analyst at Arcane Research and the report’s author, told.
“In the freezing north, heat is particularly precious, which enables for the repurposing of excess heat from mining activities, which benefits both the industry and society.”
Since 2018, the German business Bluebite has run data centres in the Norwegian Arctic. Conor Davis, the company’s CEO, told that one of its datacenters mines Bitcoin in a region previously known as the “Hell of Lapland” due to its “unpleasant and inhospitable atmosphere.”
The introduction of Bitcoin mining, which taps into Norway’s inexpensive, stranded, and renewable resources, has revitalised the area previously known for its copper mining sector. Indeed, Davis told that the land of the midnight sun provides “energy at a low price, secondary applications for electricity, 100 percent sustainable energy, free cooling, and it’s a location where people would benefit from new jobs.”
Bluebite is now looking into how the heat generated by Bitcoin mining could be used to grow strawberries vertically or perhaps offer heat to local residents. Nonetheless, because Norway is small and undesirable to “Chinese investors,” Davis told, its size and scale make it “not for everyone.” Although the research claims that “Norwegian miners are not the largest,” Norway remains a desirable location for Bitcoin mining due to its renewable energy credentials and a plethora of intriguing and novel secondary uses for the heat generated by Bitcoin mining.
Bitcoiners all over the world are coming up with new ways to utilise the ‘waste’ heat from Bitcoin mining. One Bitcoiner uses a S9 to heat his campervan, while a Dutch firm uses Satoshi’s innovation to grow Bitcoin flowers. Kryptovault’s CEO, Kjetil Hove Pettersen, told that owing to Bitcoin miner heat, they hope to “get started with seaweed operations” to complement their existing timber-drying processes. According to Pettersen, “99 percent of our electric energy transforms into thermal energy,” which is great for secondary usage.
While “strong nerves and faith in this space to endure when times are bad,” Pettersen agrees with Davis that Norway is a “excellent” place for Bitcoin mining. Last but not least, Bitcoin mining in Norway provides the following advantages:
“More energy is produced than used, and there is a limited capacity to export that energy to other areas, such as mainland Europe.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.