Norway is a stronghold of renewable energy management in Europe. Up to 99% of the energy in Norway comes from hydroelectricity, while there is often an excess of green energy in the power system.
But it wasn’t enough for Norway’s largest bitcoin (BTC) data center and miner, Kryptovaault, to use renewable hydropower to try to solve blocks of valid bitcoin.
At the Honefoss bitcoin mining facility, which employees have dubbed “the cathedral” because of its huge, hollow space, hot air from bitcoin mining rigs is recycled and used to dry chopped logs.
Kjetil Hove Pettersen, CEO of Kryptovaault, told Cointelegraph that Norway is an “ideal place for mining” and that in addition to drying the timber, the drying of the seaweed will begin in the first half of 2022.
Petersen says there is a significant amount of energy “capitalized” in Norway, indicating much higher production than consumption and limited ability to transfer excess energy:
This means very low energy prices and we can ‘save’ the energy captured instead of wasting it.
It appears that the removal of electricity subsidies for bitcoin mining farms in 2018 did not affect the Scandinavian country’s status as a desirable crypto-mining destination.
The Guardian newspaper, which usually claims that this is Bitcoin Mining Energy RD&D, turned this story around by reporting on Kryptovaault’s work. The article said: “Can Bitcoin be sustainable?”
This question was answered by Svein Bjerke, CEO of a logging company that accepts dry logs. In the video, Bjerke said drying wood with the waste heat from bitcoin mining is the “most environmentally friendly way to do it.”
In addition, the secondary benefits of Bitcoin mining go far beyond the environment. Over time, Honefoss online customers actually feel better with the power-hungry Kryptovaault operation.
Grid charges such as trees are decreasing on an annual basis as the total energy consumption of the area is increasing. The more energy is used, the lower the prices in the long run. The company estimates that due to “the presence of Kryptovaault in our network” about 2 million euros were saved.
However, the path to 100% sustainable and renewable bitcoin mining has not been easy. In Norway, miners face many challenges, including:
Design and engineering perspectives on financial issues related to banking, taxation and regulation. Just taking the step towards creating a bank account while working in this industry today can be quite a challenge. ”
On this topic: The European Commission for Securities and Exchanges calls for a ban on cryptocurrency mining
These disturbances are unlikely to prevent Kryptovault from converting clean energy into Satoshi’s energy. Petersen said he “couldn’t imagine better industrial uses than we do.”
When asked by Cointelegraph if Kryptovaault would consider mining other cryptocurrencies in the future, Pettersen joked, “Bitcoin is the name of the game for us.”