- The country generates 1% of the world’s hash rate fueled solely by renewable energy.
- Hydroelectricity has been Norway’s primary power source.
Despite its small size, Norway is home to a sizable number of Bitcoin miners. Green mining in Norway is what draws miners. The country generates 1% of the world’s hash rate fueled solely by renewable energy. According to a new study by Arcane Research, mining for bitcoin (BTC) is “flourishing” in Norway. Contributing 1% to the global hash rate, Norway relies nearly exclusively on hydropower for its energy needs.
The report indicates that Norway provides 0.77 percent of the total worldwide hash rate for Bitcoin using data from the Cambridge Bitcoin Electricity Consumption Index and a map of the mining facilities. However, with a population of 5 million people, Norway contributes just one-tenth of one percent of the world’s total.
Carbon-intensive Industry
It’s no secret that mining is a carbon-intensive industry that consumes a significant amount of energy. Miners’ principal goal is to use renewable energy to power their activities as a consequence. Because of its mountainous terrain and wet climate, Norway is a good location for hydropower development. Around the end of the nineteenth century, hydroelectric power facilities were constructed.
Norwegian Water Resources and Energy Directorate (NVE) says that Norway’s energy mix is 100% renewable, consisting of 88 percent hydropower and 10 percent wind. As a result, Norwegian bitcoin miners only use “green” electricity. Since then, hydroelectricity has been Norway’s primary power source, supplying the country with low-cost, reliable, and ecologically beneficial energy.
It has been revitalized by the arrival of Bitcoin mining, which taps into the cheap, stranded, and renewable resources of Norway. Using the “waste” heat from Bitcoin mining is becoming more popular among Bitcoiners all around the globe.
