Bitcoin miners found that Nordic land is a profitable opportunity to increase their income, because the cheapest level of electricity price plummeting is higher than any other well-known cryptocurrency mining land.
Bitcoin miners can find “great opportunities” in Norway and Sweden
According to a Bloomberg report, the Nordic region, especially Norway and Sweden, has had mild weather in the past 20 years, which has helped increase the output of hydroelectric power plants.
Bloomberg’s detailed information also said that since the long-term weather trend in the region has existed for several years, it helps to a certain extent to make the region’s power generation abundant, so that the price “long-term” stays close to zero. . The average price so far this year is “approximately one-third of Germany” and is considered the largest electricity market in Europe.
Tor Reier Lilleholt, head of analysis at Norwegian consultant Wattsight AS, told Bloomberg:
If you do not consider fees and taxes, these prices are the lowest in the world. What we saw this summer is that there has been a low level in such a long time.
Bloomberg said that traditional crypto mining hotspots are located in China, Kazakhstan and Canada, but the dynamics may improve, which also coincides with the current crypto bull market. Norway is also a famous country in industrial countries and non-household users to reduce electricity prices.
Carbon-free electricity in the Nordic region
But the lower prices in the Nordic region are not only an attractive bait for crypto miners, because the electricity in these countries is almost carbon-free (a combination of hydropower, nuclear power and wind power) and is affected by the current trends in the US environmental policy throughout the world.
The article further explains the technical aspects that may benefit cryptocurrency miners in the Nordic region due to lower prices:
For miners, the cost of electricity will become more and more important. The hash rate, the amount of calculation required to produce each coin, is steadily increasing. In May of this year, miners’ rewards were cut by a so-called halving, reducing the number of tokens they received to maintain scarcity.
Tyler Page, Business Development Manager at Bitfury, commented on the surge in interest in Bitcoin mining in Norway:
We have seen a significant increase in investor interest in Norwegian Bitcoin mining opportunities. Due to the rising price of Bitcoin, energy prices this year are particularly low.
What is your view on the Nordic region as an attractive hot spot for crypto miners? Let us know in the comments section below.
Picture Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or allegedly caused by the use or reliance on any content, goods or services mentioned in this article or related thereto.