Norwegian BTC Miner Moves To Arctic To Cut Energy Bills

Norwegian BTC miner intends to relocate its operations north of the Artic Circle, according to reports. The decision to relocate was made as a result of the nation’s growing power prices, even though the issue has not yet significantly touched the northern areas.

Norway has developed into a hub for cryptocurrency mining in the European area over the past several years as a result of its green legislation. According to estimates, renewable energy sources account for 98% of the nation’s energy generation.

Norwegian BTC Miner: The Saga Of Finding A Cheaper Place

According to Bloomberg, Kryptovault AS plans to relocate the majority of its cryptocurrency miners to Norway’s coldest region. Kjetil Hove Pettersen, the company’s CEO, said that the prices of power there are 160 times lower than those in the south.

It is important to note that 98% of the energy used by Kryptovault AS to manufacture bitcoin is renewable. Given the abundance of water sources in the area near the Arctic Circle, this may be viewed as yet another factor in the company’s decision to go north.

Despite these benefits, there are drawbacks to the change as well. According to Pettersen, the organization will initially be required to cover certain sizeable costs, such as the shipping of the machinery:

“The relocation project will, of course, add other expenses and complications, however, with the current conditions, it is an existential requirement to do this.”

Kryptovault AS now manages two data centers in southern Norway. There has been such a severe water scarcity there in recent years that the government has begun to examine restrictions to protect home supply.

In contrast, the cost of power in the northern city of Tromso has actually declined over the past two years while it has risen in Oslo.

According to a recent report by Arcane Research, Norway generates about 1% of the world’s hash rate and uses only renewable energy sources. Companies like Northern Data, Bitdeer, Bitzero, and COWA are some of the top regional participants in the industry.

The Former Climate Minister Is A HODLer

Bitcoin has evolved into a popular investment option for several politicians all around the world. Sveinung Rotevatn, the former climate and environment minister of Norway, is one such instance.

He said he owns an undisclosed quantity of BTC last year and described the asset as a “well-suited store of value.” Regarding its key advantages, Rotevatn argued:

“What might make Bitcoin so exciting is that it has some of the same properties. You can’t suddenly discover a ton of Bitcoin somewhere, giving one country huge reserves. It’s spread evenly, it grows slowly, but steadily, and has a finite supply… Therefore, it’s theoretically well-suited as a store of value.”

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