{"id":12763,"date":"2022-04-04T13:54:00","date_gmt":"2022-04-04T13:54:00","guid":{"rendered":"http:\/\/egrowonline.com\/?p=12763"},"modified":"2022-04-04T13:54:00","modified_gmt":"2022-04-04T13:54:00","slug":"norway-has-almost-1-of-global-btc-hash-rate","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=12763","title":{"rendered":"Norway has almost 1% of global BTC hash rate"},"content":{"rendered":"


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Bitcoin (BTC<\/a>) mining in Norway is 100% renewable and \u201cflourishing\u201d according to a report<\/a> by Arcane Research.\u00a0<\/p>\n

\u201cA green oasis of renewable energy,\u201d Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower<\/a>.<\/p>\n

The report compiled data from the Cambridge Bitcoin Electricity Consumption Index<\/a> and data from Coinshares to conclude that Norway contributes 0.77% to the Bitcoin total global hashrate. By way of comparison, Norway\u2019s population of 5 million contributes a tenth<\/a> of that\u2013or 0.07% of the global population.<\/p>\n

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Crucially, according to the Norwegian Water Resources and Energy Directorate<\/a> (NVE), Norway\u2019s electricity mix is 100% renewable, with 88% hydro and 10% wind. That means Bitcoin miners in Norway are solely using \u201cgreen\u201d energy.<\/p>\n

“The most important takeaway for bitcoin miners regarding Norway\u2019s electricity mix is that it\u2019s fully renewable, and will stay like that.”<\/p><\/blockquote>\n

Jaran Mellerud, an analyst<\/a> for Arcane Research and the author of the report, told Cointelegraph that there will be \u201chuge growth for mining in Northern Norway, where stranded hydropower is abundant, giving miners access to extremely cheap and 100% renewable electricity.\u201d<\/p>\n

\u201cHeat is very valuable in the cold north, which allows for the repurposing of excess heat from mining operations, which can further benefit both the industry and society.\u201d<\/strong><\/p><\/blockquote>\n

German company Bluebite has operated data centers in the Norwegian Arctic since 2018. One of its datacentres mines Bitcoin in an area previously known as the \u201cHell of Lapland\u201d due to its \u201cunpleasant and inhospitable atmosphere,\u201d Conor Davis, CEO of the company told Cointelegraph. <\/p>\n

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Bluebite’s facility in\u00a0Bod\u00f8, Norway (the very far North). Source:\u00a0NHO<\/em><\/figcaption><\/figure>\n

The introduction of Bitcoin mining has rejuvenated the area formerly known for its copper mining industry, as it taps into Norway\u2019s cheap, stranded and renewable resources. <\/p>\n

Indeed, the land of the midnight sun offers \u201cenergy at a cheap price, secondary uses for electricity, 100% sustainable energy, free cooling and it\u2019s an area where people would profit from new jobs,\u201d Davis told Cointelegraph. <\/p>\n

Bluebite is now investigating whether channeling the heat generated by Bitcoin mining could vertically farm strawberries\u2013or even provide heating to local populations.<\/p>\n

Nonetheless, Norway\u2019s size and scale mean it\u2019s still \u201cnot for everyone\u201d as Norway is small and unattractive to \u201cChinese investors,\u201d Davis told Cointelegraph. The report suggests that \u201cNorwegian miners are not the biggest,\u201d but Norway remains an attractive country to mine Bitcoin due to its renewable energy credentials and the wealth of interesting and innovative secondary uses for the heat generated by Bitcoin mining. <\/p>\n

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Timber waiting to be dried by Bitcoin miner ‘waste’ heat at Kryptovault’s mining facility. Source: Kryptovault<\/em><\/figcaption><\/figure>\n

A growing trend, Bitcoiners around the world and finding fresh ways to use the \u2018waste\u2019 heat from Bitcoin mining. One Bitcoiner is heating his campervan with an S9<\/a>, while a Dutch company is growing Bitcoin flowers thanks to Satoshi\u2019s invention<\/a>.<\/p>\n

Related: Crypto ownership among Norwegian women doubles, mirroring global trends<\/a><\/em><\/u><\/strong><\/p>\n

The CEO of Kryptovault, Kjetil Hove Pettersen told Cointelegraph that they plan to \u201cget started with seaweed operations\u201d to complement their existing timber-drying operations thanks to Bitcoin miner heat<\/a>. Currently, \u201c99% of our electric energy turns into thermal energy\u201d ideal for secondary uses, Pettersen explained.<\/p>\n

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The rather idyllic, 100% renewable Kryptovault facility in H\u00f8nefoss. Source: kretslopet.no<\/em><\/figcaption><\/figure>\n

Pettersen agrees with Davis in that while \u201cyou need strong nerves and faith in this space to persevere when times are tough,\u201d Norway is an \u201cideal\u201d location for Bitcoin mining. A final benefit to Bitcoin mining in Norway is that the Scandinavian country has:<\/p>\n

\u201cHigher production than consumption and very limited capacity to transfer that excess energy to other regions such as mainland Europe.”<\/strong><\/p><\/blockquote>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) mining in Norway is 100% renewable and \u201cflourishing\u201d according to a report by Arcane Research.\u00a0 \u201cA green oasis of renewable energy,\u201d Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower. The report compiled data from the Cambridge Bitcoin Electricity Consumption Index and data from Coinshares to […]<\/p>\n","protected":false},"author":1,"featured_media":12764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[194,270,1284,6929,830],"class_list":["post-12763","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-btc","tag-global","tag-hash","tag-norway","tag-rate"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/04\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDQvM2IwMjg3ZjctNTNiYi00NTgwLWJkMjMtMmM0MjM5MzVhOWY4LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12763","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12763"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12763\/revisions"}],"predecessor-version":[{"id":12765,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12763\/revisions\/12765"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/12764"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12763"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}