In Norway, sustainable Bitcoin mining flourishes

strawberries in the arctic – Norwegian Climate and Environment Minister Sveinung Rotevatn revealed in May 2021 that he held bitcoins (BTC). Norway is a concrete example that contradicts accusations that cryptocurrency is burning the planet because of its energy-intensive mining.

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Energy for bitcoin, heating for people in Norway

According to a report from the 1East April 2022 from Arcane Research, Norway which is “a green oasis of renewable energy”, would contribute to 0.77% of bitcoin’s global hash ratebased on Cambridge University’s bitcoin energy consumption index and a mapping of mining facilities in the country.

The Norwegian electricity mix comes according to the Norwegian Directorate of Water Resources and Energy, 80% from hydroelectric power stations and 10% from wind power. Bitcoin mining in Norway is like this 100% green.

Besides this 100% renewable energy, Norway also has other assets that make it attractive for mining companies such as the German company Bluebite which has been operating data centers in the Norwegian Arctic since 2018. Bluebite CEO, Conor Davis , quoted the cheap energy “, or even the ” free cooling offered by the country.

For Kjetil Hove Pettersen, CEO of the Norwegian mining company Kryptovault, the country has the advantage of producing a quantity of electricity “higher than consumption and a very limited capacity to transfer this excess energy to other regions. like continental Europe.

But bitcoin miners are not the only ones to take advantage of the assets Norway offers for their activities. The coldest regions of the country can indeed “ reuse excess heat from mining operations ” to warm up. Bluebite is exploring the possibility of using this heat to grow strawberries or to provide heating to the local population.

Miners are making efforts to make bitcoin mining ever greener. Some choose to set up in a country where electricity is green. Others invest in innovative technologies for more efficient miningand from an energy point of view.

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