Because electric power is cheap and mainly emerges from renewable energy inside the Nordic countries, they are prevalent for viable crypto mining. Some sectors, though, want to profit from this renewable technology as well. Bitcoin consumes a lot of electricity. The global power necessary to mine the most profitable cryptocurrency involves imagination on estimates; however, it is estimated to be between 67 and 121 terawatt-hours each year. That’s about a quarter of just what information centers, including those for the network, cloud storage, the whole finance market, and all other cryptocurrencies, use. The total annual power usage of Germany is just upwards of 500 terawatt-hours.
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As a result, Bitcoin and the whole digital currency on which it is based have been accused of causing climate change. This is mainly because Asian countries currently provide roughly 80% of the so-called hashes rate — the total hashing capacity for manufacturing and smelting Bitcoins. And none of them get more than a fifth of their energy from sustainable sources. Furthermore, Russia and the United States contribute a cumulative 15% of the computational capacity, even though neither country is a renewable technology leader.
In the Far North, Is It Possible to Mine Sustainably?
As a result, Bitcoin harvesting in Scandinavia is regarded as a green solution to the problem. Iceland was among the pioneering nations. According to the Estonian Blockchain Base, the country has extracted 8% of all Bitcoins. Country Landsvirkjun and other electricity corporations produce virtually all of the village’s electricity utilizing geothermal and pumped hydropower. It’s so inexpensive that there’s been discussion for years about laying submarine cables from the United Kingdom to Europe, where renewable power is far more costly. Instead, it was decided to bring electricity manufacturing to the island, such as anaerobic digesters and the blockchain sector.
Genesis Miners one of the first corporations to develop a Bitcoin mine in Iceland back in 2013. Philip Cunningham, who is already chief technological advisor of partner Genesis Digital Assets and therefore can summarize the island country’s national strengths in one sentence, was one of its creators.
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“There are no diplomatic or geopolitical threats,” he told DW. “The grid is very secure, and the energy is both renewable and very inexpensive.”
Iceland Is Nearing the End of Its Resources
Meanwhile, the region’s generation power is near its limits: “In 2021 and 2022, there would be very little surplus electricity,” Landsvirkjun CEO Hordur Results in terms recently informed Bloomberg. As a result, Iceland’s electricity’s financial efficiency is in jeopardy.
In recent decades, the cryptocurrency market has increased at a far faster rate in other parts of the world. Iceland’s worldwide Bitcoin mining percentage has now dropped below 2% or even 1%, depends on who is counted. Salter, a mining leader, says he understands why English people don’t want to give up their unique natural wealth in exchange for more electric power. Aside from that, there are substitutes.
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A commonplace for mining firms is the Scandinavian peninsula. Despite hash values, Norway has already surpassed Iceland. Sweden, according to Salter, has the potential for becoming a hotspot among Bitcoin explorers. “The circumstances are comparative to someone in Iceland, notably in the northeast, where we also maintain a mining field,” he said.
Seems to Be the Same Fate Awaiting Scandinavia?
Clean energy is abundant in Scandinavia, to the point that certain governments are unsure what to do about it. According to Olav Johan Botnen, an electricity economist at Norwegian market consultant Volume Insight, “the Nordic area has an estimated oversupply of electricity of approximately 30 terawatt-hours a year for that front year under normal environmental conditions.”
On the other hand, steel production is increasing its demand for energy, required for the development of “green steel.” Instead of gas, clean energy and green hydrogen are used to transform iron into steel in this facility. Water may also be used to generate sustainable helium with the help of grid energy.
Is Bitcoin Capable of Accelerating the Adoption of Alternative Energy Sources?
Sweden, according to Philip Salter, would continue to be a desirable spot for Bitcoin miners. However, it is debatable whether the Scandinavian countries are rendering Cryptocurrencies more environmentally friendly in any way. According to data from Oxford University, blockchain technology in all five nations accounted for nearly 1% of the global hash rate. Salter, a mining specialist, takes a different perspective on the issue. “I believe that our business is currently leading the growth of green energy. This is true not just in Scandinavia, but also in underdeveloped countries.
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