Norway Produces 1% Global BTC Mining Power Using Renewable Energy

Vignesh Karunanidhi
Norway Produces 1% Global BTC Mining Power Using Renewable Energy
Source: Arcane research website

Norway holds a significant presence of Bitcoin miners considering the country’s size. What attracts miners to Norway is its green mining. The nation produces 1% of the global hash rate that is entirely powered by renewable energy.

Mining and Norway go hand in hand

While Norway might seem small geographically, it produces 0.77% of Bitcoin’s hashrate.

Mining facilities in Norway. Source: Jaran Mellerud.

The industry is made up of several locals as well as some substantial multinational corporations.

Kryptovault and Arcane Green Data are two local enterprises, while Northern Data, Bitdeer, Bitzero, and COWA are among the significant worldwide firms.

Green mining is the way to go

Mining is indeed an energy-intensive business that is under fire from the public for its carbon impact.

As a result, miners’ primary objective is to employ renewable energy to power their operations.

Norway is ideal for hydropower because of its steep topography and rainy climate. Hydroelectric power plants began around the end of the nineteenth century.

Since then, hydro has been Norway’s principal source of electricity, providing the nation with a steady supply of low-cost, dependable, and environmentally friendly energy.

Norway is powered entirely by renewable energy, with the exception of a 2% share of natural gas used to power the Norwegian offshore oil shelf, making it appealing to miners looking to reduce their carbon impact.

Norway generates 88 percent of its power from hydro and 10% from wind in a typical year.

To top it all, Norway has the cheapest electricity charges in Europe. The price of electricity has ranged between $0.03 and $0.05 in the last five years.

The Norwegian miners are looking to contribute to the energy sector either through balanced power usage or by reusing the excess heat from their operations.

As the crypto industry is flourishing, the need for renewed energy sources for mining are also in demand.