Norway is a small country in Europe with amazing BTC mining credentials of 0.77% hash rate and renewable 100% green energy.
Norway is a renewable energy green oasis contributing 1% of the worldwide Bitcoin mining hash rate and all of it uses only hydropower energy, which is 100% renewable energy as per Arcane Research reports.
According to the report, Norway is contributing 0.77% of the worldwide hash rate of Bitcoin, by mapping mining facilities and using Cambridge BTC Electricity Consumption Index data. A tenth of it is contributed by the 5 million population of Norway which is 0.07% of the world population.
Essentially, as per the Norway Water Resource and Energy Directorate (NVE), electricity in Norway is 100% renewable which includes 10% wind and 88% hydro. In other words, BTC miners of Norway are only using renewable green energy.
The report author and Arcane Research center analyst JaranMellerud informed the news media that, in North Norway, there would be big growth of mining, where hydropower is in abundance, which provides the miners access to very low-cost electricity which 100% renewable.
In cold northern Norway, heat is extremely valuable, which allows the reuse of excess heat for mining and which is beneficial for both community and industry.
Bluebite CEO Conor Davis told the news media that, Bluebite is a German firm that is operating its data centers since 2018 in the Norway Arctic. It’s one data center mines BTC in a region which was formerly known as Hell of Lapland because of its unfavorable and harsh atmosphere.
The region previously known for the copper mining industry is modernized due to the introduction of BTC mining as it utilizes Norway’s low-cost and renewable resources.
Davis told the news media that Norway offers low-cost energy which is 100% sustainable and used for electricity and it is the region where individuals could make profits from new job opportunities.
As per the report, Norway miners are not the largest but it is still an attractive region for Bitcoin mining because of its renewable energy resources and its secondary use of generating heat through BTC mining.