Bitcoin (BTC) mining in Norway is 100% renewable and “thriving,” according to a report by Arcane Research.
“A green oasis of renewable energy”, Norway contributes almost 1% to the global hash rate and is almost entirely hydro-powered.
The report compiled data from the Cambridge Bitcoin Electricity Consumption Index and data from Coinshares to conclude that Norway contributes 0.77% to the total global bitcoin hashrate. For comparison, Norway’s population of 5 million contributes a tenth of that – or 0.07% of the world’s population.
Crucially, according to the Norwegian Water Resources and Energy Directorate (NVE), Norway’s electricity mix is 100% renewable, with 88% hydro and 10% wind. This means that bitcoin miners in Norway only use “green” energy.
“The key takeaway for bitcoin miners about Norway’s power mix is that it is, and will remain, fully renewable.”
Jaran Mellerud, an analyst at Arcane Research and author of the report, told Cointelegraph that there will be “huge growth for mining in northern Norway, where stranded hydropower is plentiful, giving miners access to extremely cheap and 100% renewable electricity.” .
“Heat is very valuable in the frigid North, allowing for the reuse of excess heat from mining, which can further benefit both industry and society.”
The German company Bluebite has been operating data centers in the Norwegian Arctic since 2018. One of its data centers mines bitcoin in an area formerly known as the “Hell of Lapland” due to its “uncomfortable and inhospitable atmosphere,” Cointelegraph company CEO Conor Davis said.
The advent of bitcoin mining has rejuvenated the area formerly known for its copper mining industry as it taps into Norway’s cheap, stranded and renewable resources.
In fact, the land of the midnight sun offers “energy at a bargain price, secondary uses for electricity, 100% sustainable energy, free cooling, and it’s an area where people would benefit from new jobs,” Davis told Cointelegraph.
Bluebite is now investigating whether channeling the heat generated by bitcoin mining could grow strawberries vertically or even provide heat to the local population.
Nonetheless, Norway’s size and scale means it’s still “not for everyone” as Norway is small and unattractive to “Chinese investors,” Davis told Cointelegraph. The report suggests that “Norwegian miners are not the greatest,” but Norway remains an attractive country for mining Bitcoin due to its renewable energy credentials and abundance of interesting and innovative secondary uses for the heat generated from Bitcoin mining.
A growing trend, bitcoiners around the world and the search for new ways to use the “waste heat” from bitcoin mining. A bitcoiner heats his campervan with an S9, while a Dutch company grows bitcoin flowers thanks to Satoshi’s invention.
Related: Crypto ownership among Norwegian women is doubling, mirroring global trends
Kryptovault CEO Kjetil Hove Pettersen told Cointelegraph that they plan to “start algae operations” to complement their existing wood drying operations thanks to Bitcoin miner heat. Currently, “99% of our electrical energy is converted into thermal energy,” which is ideal for secondary uses, explained Pettersen.
Pettersen agrees with Davis that while Norway “needs strong nerves and confidence in this space to persevere through tough times,” Norway is an “ideal” location for bitcoin mining. A final benefit of Bitcoin mining in Norway is that the Scandinavian country has:
“Higher production than consumption and very limited capacity to transfer this excess energy to other regions like mainland Europe.”
https://cointelegraph.com/news/green-oasis-for-bitcoin-mining-norway-has-almost-1-of-global-btc-hash-rate Norway has almost 1% of the world BTC hash rate