Norway is a European leader in renewable energy production. Hydropower provides up to 99 percent of Norway’s electricity, and the system frequently has a green energy surplus. Norwegian Bitcoin miners employ not just 99 percent renewable energy, but also dry wood and, eventually, waste heat from seaweed. However, deploying regenerative hydropower which attempts to fix legitimate Bitcoin blocks wouldn’t be enough for Kryptovault, Norway’s largest data centre and Bitcoin (BTC) miner.
According to Kjetil Hove Pettersen, CEO of Kryptovault, Norway is a “excellent site for mining,” and seaweed drying activities will begin in the first half of 2022, alongside the log-drying business. The heated air created by Bitcoin mining equipment is recycled and utilised to dry off cut logs at the Hnefoss Bitcoin mining facility.
The elimination of power subsidies from Bitcoin mining farms in 2018 appears to have had little impact on the Scandinavian country’s reputation as a desirable location to mine bitcoin.
The secondary advantage of Bitcoin mining extends beyond the environment. Due to the existence of Kryptovault’s energy-hungry procedure, Hnefoss grid consumers are actually better off over time.
Grid tariffs are cut down year after year as total energy use in the local region rises. Miners in Norway encounter a variety of obstacles ranging from “project and engineering viewpoints to financial challenges. It includes banking, tax and regulatory compliance.
When asked if Kryptovault could consider mining other coins in the future, Pettersen chuckles “For us, Bitcoin is the name of the game”.