According to a report by Arcane Research, Bitcoin (BTC) mining in Norway is 100% renewable and “thriving.”
A “green oasis of renewable energy”, Norway contributes approximately 1% to the global hash rate and is powered almost exclusively by hydropower.
Using data from the Cambridge Bitcoin Electricity Consumption Index and comparing mining targets, the report concluded that Norway contributes 0.77% of the global Bitcoin hash rate. By comparison, Norway’s population of 5 million is one-tenth that number, or 0.07% of the world’s population.
It is important to note that according to the Norwegian Water and Energy Agency (NVE), Norway’s electricity mix is 100% renewable, with 88% from hydropower and 10% from wind. This means that bitcoin miners in Norway only use green energy.
“The most important piece of advice for bitcoin miners about Norway’s electricity mix is that it is and will always be fully renewable.”
Jaran Millrod, an analyst at Arcane Research and author of the report, told Cointelegraph that there will be a “massive increase in mining in northern Norway, where there are many closed hydroelectric power stations, giving miners access to extremely cheap and 100% renewable electricity.”
“Heat is very valuable in the cold north, which means that excess heat from mining can be reused, which can provide value to both industry and society.”
German company Bluebite has operated data centers in the Norwegian Arctic since 2018. Conor Davis, CEO of Bluebite, said one of their data centers is mining bitcoin in an area formerly known as “Lapland hell” due to its “unpleasant and inhospitable atmosphere.” “. in the current situation. In Cointelegraph.
Bluebyte facility in Bodø, Norway (in the far north). Source: NHO.
The introduction of bitcoin mining has rejuvenated an area previously known for the copper mining industry when it used Norway’s cheap, abandoned and renewable resources.
Indeed, Land of the Midnight Sun offers “low-cost energy, electricity reuse, 100% sustainable energy, and free cooling, and this is an area where people will benefit from new jobs,” Davis told Cointelegraph.
Bluebite is currently studying whether the heat generated by bitcoin mining can be used to grow strawberries vertically or even heat local residents.
However, Davies told Cointelegraph that Norway’s size and scope means it is still “not for everyone” because Norway is not very attractive to “Chinese investors”. The report states that “Norwegian miners are not the largest,” but Norway remains an attractive country for bitcoin mining due to its renewable energy sources and many interesting and innovative secondary uses of the heat generated by bitcoin mining.
By waiting for it to dry on the “waste heat” of a bitcoin miner in a cryptovolts mine. Source: cryptovolts
A growing trend: Bitcoin miners around the world are finding new ways to use the waste heat from Bitcoin mining. A bitcoiner is heating his mobile home with an S9, while a Dutch company is growing bitcoin flowers thanks to Satoshi’s invention.
Related: Norwegian Women’s Crypto Ownership Doubles, Reflecting Global Trends
Kjetil Hove Pettersen, CEO of Kryptovaault, told Cointelegraph that they plan to “start with pincers” to complement existing wood drying operations, thanks to the warmth of bitcoin miners. “Currently 99% of our electricity is converted to thermal energy,” Petersen explained, which is ideal for recycling.
Kryptovaault’s ideal, fully renewable facility in Hønefoss. Source: kretslopet.no
Petersen agrees with Davis that while “you need strong nerves and faith in this room to deal with tough times,” Norway is the “perfect” place to mine bitcoin. The latest advantage of bitcoin mining in Norway is that the Scandinavian country has:
“Production is higher than consumption, and there is very limited capacity to transfer this surplus energy to other regions such as the European continent.”