'Green oasis' for Bitcoin mining: Norway has almost 1% of global BTC hash rate

cointelegraph.com:

Bitcoin (BTC) mining in Norway is 100% renewable and “flourishing” 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 powered by hydropower.

The report compiled data from the Cambridge Bitcoin Electricity Consumption Index and data from Coinshares to conclude that Norway contributes 0.77% to the Bitcoin total global hashrate. By way of comparison, Norway’s population of 5 million contributes a tenth of that–or 0.07% of the global 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. That means Bitcoin miners in Norway are solely using “green” energy.

Jaran Mellerud, an analyst for Arcane Research and the author of the report, told Cointelegraph that there will be “huge growth for mining in Northern Norway, where stranded hydropower is abundant, giving miners access to extremely cheap and 100% renewable electricity.”

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 “Hell of Lapland” due to its “unpleasant and inhospitable atmosphere,” Conor Davis, CEO of the company told Cointelegraph.

The introduction 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.

Indeed, the land of the midnight sun offers “energy at a cheap price, secondary uses for electricity, 100% sustainable energy, free cooling and it’s an area where people would profit from new jobs,” Davis told Cointelegraph.

Bluebite is now