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Bitcoin s Green Haven Is Running Out of Surplus Electricity
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Nordic bitcoin miners get a boost from cheap power
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The region recorded the wettest weather in over 20 years, increasing HEP production.
Per Genesis Mining’s head of operations, the firm’s profits tripled over the course of 2020.
Norway had the lowest electricity prices in the International Energy Agency.
The Nordic region has once again become profitable for crypto miners after a period of high electricity costs. A report unveiled this news on December 27, noting that this year recorded the wettest weather and mild temperature in more than 20 years. As a result of the increased rainfall, hydro-electric plants in the region had a glut of power and provided Norway and Sweden with some of the lowest power prices across the globe.
Cheap power boosts bitcoin miners in Nordic region
Bloomberg
The Nordic region once again has become a lucrative place to mine cryptocurrencies, thanks to a plunge in electricity prices.
The wettest weather in at least 20 years boosted production from hydro-electric plants, leaving Sweden and Norway with some of the lowest power prices in the world.
The resulting glut in the most important raw material for making the virtual coins coincided with a year when the price of bitcoin tripled.
Representations of the ripple, bitcoin, etherum and litecoin virtual currencies are seen on a PC motherboard in this illustration picture on Feb. 14, 2018.
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