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 research 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 about 1% of the global hash rate and is almost completely fueled by hydroelectricity.
The analysis indicates that Norway provides 0.77 percent of the total worldwide hash rate of Bitcoin, based on data from the Cambridge Bitcoin Electricity Consumption Index and a map of mining infrastructure. Norway’s population of 5 million people provides a tenth of that, or 0.07 percent of the world’s population.
Importantly, Norway’s power 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.
“For Bitcoin miners, the most essential lesson from Norway’s power 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.
In the freezing north, heat is extremely precious, thus excess heat from mining activities may be repurposed to benefit both the enterprise and society.
Since 2018, the German business Bluebite has run data centers in the Norwegian Arctic. Conor Davis, the CEO of Bluebite, told that one of its datacenters mines Bitcoin in a region known as the “Hell of Lapland” owing to its “unpleasant and unfriendly climate.”
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The introduction of Bitcoin mining, which taps into Norway’s inexpensive, stranded, and renewable resources, has revitalized the area previously renowned for its copper mining sector.
Indeed, Davis told that the land of the midnight sun provides “energy at a low price, secondary applications for power, 100 percent sustainable energy, free cooling, and it’s a location where people would benefit from new jobs.”
Bluebite is currently looking at whether Bitcoin mining heat may be used to vertically produce strawberries or perhaps offer warmth to local residents.
Nonetheless, because Norway is tiny 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 owing to its renewable energy credentials and a plethora of intriguing and novel secondary applications for the heat generated by Bitcoin mining.
Bitcoiners all over the world are coming up with new methods to harness the “waste” heat from Bitcoin mining, which is becoming increasingly popular. Thanks to Satoshi’s idea, one Bitcoiner is heating his campervan with a S9, while a Dutch firm is cultivating Bitcoin flowers.
Thanks to Bitcoin miner heat, Kryptovault’s CEO, Kjetil Hove Pettersen, told that the company plans 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 trust 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:
Higher output than consumption, with little potential to transmit extra energy to other locations, such as continental Europe.