Norway Bitcoin mining now uses 100% green energy
Norway Bitcoin mining has set a precedent for the global mining industry. Now, only green and renewable energy is being used for mining in the country. Arcane Research indicates that Norway's 'flourishing' crypto industry relies 100% on green power resources, leaving almost no carbon footprints.
The data shows that the country's Bitcoin mining makes up nearly 1% of the global hash rate. Contrastively, its population is only 5 million, which makes up only 0.07% of the world's population. Moreover, it is less than a tenth of the hash rate Norway is currently producing.
Overall, sustainable mining of bitcoin rises to 59.5%, making Crypto Fear and Greed Index drop from “extreme fear” to “fearful”.
Which renewable resources do Norwegian Bitcoin miners use?
The electricity Norway consumes comes from different resources; however, most of these resources are renewable. That's why the country is able to limit its carbon emissions that are harmful to the climate. Mainly, Bitcoin miners in the country rely on hydropower as it is the country's most used source of electricity.
Besides hydropower, wind power is the second-most reliable source of power for Bitcoin mining in Norway. Also, as the country is a member of the European electricity system, it uses a small amount of foreign-produced electricity using different technologies and resources.
If you consider these electricity stats, Norway is using only renewable energy. This poses an excellent opportunity for Bitcoin miners around the world. The author and researcher Jaran Mellerud also believes that the country's mining industry can further expand as its northern part has an abundance of cheap hydropower.
Utilising Bitcoin miner’s excessive heat
Norway Bitcoin mining is not only limited to using renewable power resources, but the country is also working on repurposing energy. A German company, Bluebite, has started its operations on Norwegian land and is working on utilising the by-product heat emitted by Bitcoin miners. Currently, the company is exploring different options like vertical farming of strawberries, drying timber, growing seaweed operations, or even supplying the heat to citizens.
Author: Wasay Ali
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