According to Arcane Research, Bitcoin (BTC) mining in Norway is 100 percent renewable and “flourishing.”
“A green oasis of renewable energy,” Norway contributes over 1% of the global hash rate and is almost completely powered by hydropower.
The report used data from the Cambridge Bitcoin Electricity Consumption Index and Coinshares to calculate that Norway generates 0.77 percent of the total worldwide hashrate for Bitcoin.
Importantly, the Norwegian Water Resources and Energy Directorate (NVE) reports that Norway’s power mix is entirely renewable, with 88 percent hydro and 10 percent wind. This implies that Bitcoin miners in Norway are exclusively powered by “green” electricity.
The introduction of Bitcoin mining has rejuvenated the region, which was formerly renowned for its copper mining sector, by tapping into Norway’s inexpensive, stranded, and renewable resources.
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