Mining Through Renewable Energy

in LeoFinance10 months ago

I was reading an article in CoinTelegraph, that says that Bitcoin mining in Norway is using 100% renewable energy and it has 1% of global BTC hash rate. This is actually great news as well as a tight slap for the critic who was criticizing that Bitcoin is using too much power for mining.

This report was published in arcane research which is actually research made in Norway itself. It also states that 10% of the population owns cryptocurrencies.

PC: Arcane Research

We all know that mining is actually an energy-intensive industry and a lot of countries are trying to ban it so that it decreases its carbon footprint. So a country with 100% renewable energy is a safe haven for miners because all the operations they do is with renewable energy. And Norway is actually safe heaven for them because Norway is made for hydropower.

As you can see in the above image 88% of the electricity in Norway is all from hydroelectricity and 10% is from wind which means 98% of the total energy consumed by Norwegians is from a renewable source. And automatically the mining industry flourishes here because the miners are actually minimizing that carbon footprint.

The electricity is cheaper in Norway too, which has increased marginally in 2021. It is around $0.03 and $0.05 per kWh which is quite cheap.

PC: Arcane Research

In my opinion, it is a great start for miners to migrate to a country that has almost zero carbon footprint. I am not a miner, but when there are countries that are shutting down the mining industry getting into that country that has renewable energy as well as cheap electricity is always better.

Posted Using LeoFinance Beta


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