Analytical agency Arcane Research reported that thanks to the numerous sources of renewable energy in Norway, bitcoin miners only mine “100% green bitcoin”, local media writes.
Analysts at Arcane Research posted a report that said that Norway contributes 0.77% to the global bitcoin hash rate.
Data from the Cambridge Bitcoin Electricity Consumption Index was used for the report. The authors compared it with various other mining objects in Norway.
At the same time, the report’s authors emphasized that the five million population of Norway is only 0.07% of the world’s population.
The authors of the report note that, according to the Norwegian Water Resources and Energy Authority (NVE), 100% of the electricity in the country is produced by renewable sources, of which 88% is hydropower and 10% is wind. According to this data, bitcoin miners in Norway use exclusively green energy for mining the famous cryptocurrency.
“The most important takeaway for bitcoin miners about Norway’s electricity mix is that it is fully renewable and will remain so,” the document says.
Jaran Mellerud, one of the authors of the report, said that he expects a significant increase in bitcoin mining in Northern Norway in the future.
According to him, this is a region where many hydroelectric power plants are located, and that’s why the power can be also used for bitcoin mining.
The author also added that these renewable sources provide miners with access to highly cheap energy.
“Heat is precious in the cold north. It allows you to reuse excess heat from cryptocurrency mining and can bring additional benefits to both industry and society,” the Arcane Research expert said.