‘Green oasis’ for Bitcoin mining: Norway has almost 1% of global BTC hash rate

According to Arcane Research, Bitcoin (BTC), mining in Norway can be 100% renewable and “flourishing”.

Norway is a “green oasis of renewable energy” and contributes nearly 1% to the global hashrate. It is almost entirely powered hydropower.

This report combined data from Coinshares and the Cambridge Bitcoin Electricity Consumption Index to show that Norway contributes 0.7% to Bitcoin’s global total hashrate. Norway’s 5 million population contributes only 0.07% to the total global Bitcoin hashrate.

Importantly, the Norwegian Water Resources and Energy Directorate, (NVE) states that Norway’s electricity mix includes 88% hydro and 10% of wind. This means that Bitcoin miners in Norway use only “green” energy.

“The most important thing for bitcoin miners about Norway’s electricity mix, is that it’s 100% renewable and will remain that way.”

Jaran Mellerud is an Arcane Research analyst and co-author of the report. He said that there will be a “huge growth in mining in Northern Norway,” where stranded Hydropower is plentiful, which gives miners access to very cheap, 100% renewable electricity.

“Heat is extremely valuable in the cold north. This allows for the repurposing heat from mining operations. This can further benefit the industry as well as society.

Since 2018, Bluebite, a German company, has been operating data centers in Norway’s Arctic. Bluebite, a German company, has been operating data centers in the Norwegian Arctic since 2018.

Bluebite’s facility at Bodo in Norway (the very North) Source: NHO

Bitcoin mining, which taps into Norway’s abundant, cheap, and renewable resources, has brought back the copper mining industry.

Davis stated that the land of midnight sun is indeed a source of energy. It offers “energy at an affordable price, secondary uses to electricity, 100% renewable energy, and free cooling. This area would be a good place for people to make a living from new jobs.”

Bluebite is currently investigating whether Bitcoin mining heat could be channeled to vertically grow strawberries or provide heating for local residents.

Davis explained to Cointelegraph that Norway’s size and magnitude make it “not for everybody” because Norway is not attractive to Chinese investors. Although the report indicates that Norway’s miners may not be the largest, it remains attractive to mine Bitcoin because of its renewable energy credentials as well as the many innovative secondary uses for heat from Bitcoin mining.

Kryptovault’s mine facility has timber waiting to be dried by a Bitcoin miner. Source: Kryptovault

Bitcoiners all over the globe are finding new ways to make use of the heat generated by Bitcoin mining. Satoshi’s invention has enabled a Dutch company to grow Bitcoin flowers while one Bitcoiner heats his campervan using an S9.

Related: Crypto ownership among Norwegian women doubles, mirroring global trends

Kjetil Hovepettersen, CEO of Kryptovault told Cointelegraph they are planning to start seaweed operations to supplement their timber-drying operations. Pettersen said that currently, “99%” of their electric energy is converted into thermal energy, which is ideal for secondary purposes.

The idyllic, renewable Kryptovault facility at Honefoss is a beautiful and peaceful place. Source: kretslopet.no

Pettersen is in agreement with Davis that, while it is true that you need to have strong nerves and faith to persevere in difficult times, Norway is an ideal location for Bitcoin mining. The Scandinavian country also has the following benefits for Bitcoin mining in Norway:

“Higher production than consumed and limited ability to transfer excess energy to other regions, such as the continent Europe”

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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