'Green oasis' for Bitcoin mining: Norway has almost 1% of global BTC hash rate

Bitcoin (BTC) mining in Norway is 100% renewable and “flourishing,” according to a report by Arcane Research.

“A green oasis of renewable energy,” Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower.

Using data from the Cambridge Bitcoin Electricity Consumption Index and by mapping out the mining facilities, the report concludes that Norway contributes 0.77% to the Bitcoin total global hash rate. By way of comparison, Norway’s population of 5 million contributes a tenth of that—or 0.07% of the global population. Crucially, according to the Norwegian Water Resources and Energy Directorate (NVE), Norway’s electricity mix is 100% renewable, with 88% hydro and 10% wind. That means Bitcoin miners in Norway are solely using “green” energy. The introduction of Bitcoin mining has rejuvenated the area formerly known for its copper mining industry, as it taps into Norway’s cheap, stranded and renewable resources.

Indeed, the land of the midnight sun offers “energy at a cheap price, secondary uses for electricity, 100% sustainable energy, free cooling and it’s an area where people would profit from new jobs,” Davis told Cointelegraph.

Bluebite is now investigating whether channeling the heat generated by Bitcoin mining could vertically farm strawberries—or even provide heating to local populations.

Nonetheless, Norway’s size and scale mean it’s still “not for everyone” as Norway is small and unattractive to “Chinese investors,” Davis told Cointelegraph. The report suggests that “Norwegian miners are not the biggest,” but Norway remains an attractive country to mine Bitcoin due to its renewable energy credentials and the wealth of interesting and innovative secondary uses for the heat generated by Bitcoin mining.