Bitcoin mining hardware at BitFarms in Saint Hyacinthe, Quebec, seen in 2018
Bitcoin’s Green Haven Is Running Out of Surplus Electricity That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.
Bloomberg | Apr 19, 2021
Ragnhildur Sigurdardottir, Lars Paulsson and Jesper Starn (Bloomberg) The Nordic region is losing its edge in green Bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Elon Musk to mom-and-pop investors pile in.
Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.
Bitcoin’s green haven is running out of energy
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Last Updated: Apr 18, 2021, 07:40 AM IST
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Synopsis
Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power.
Bloomberg
The Nordic region is losing its edge in green Bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Elon Musk to mom-and-pop investors pile in.
Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.
Publishing date: Apr 17, 2021 • 1 hour ago • 4 minute read •
Article content
(Bloomberg) The Nordic region is losing its edge in green Bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Elon Musk to mom-and-pop investors pile in.
Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.
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The Nordic region is losing its edge in green Bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Elon Musk to mom-and-pop investors pile in. Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy. “There could be very little excess energy in 2021 and 2022,” said Hordur Arnarson, chief executive officer at Landsvirkjun, Iceland’s national utility. “Because of the climate issues we see a lot of very interesting segments that are growing rapidly, and several of them need electricity.”
Bitcoin’s green haven is running out of surplus electricity
The Nordic region is facing a renewable energy crunch as heavy industries and bitcoin miners compete for clean power
By Ragnhildur Sigurdardottir, Lars Paulsson and Jesper Starn / Bloomberg
The Nordic region is losing its edge in green bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Tesla Inc chief executive officer Elon Musk to mom-and-pop investors pile in.
Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.