Bitcoin mining in Norway is 100% renewable and is a flourishing industry according to Arcane Research’s report.
Hydropower is Norway's renewable energy source of choice which packs a mighty punch for a small European country as they contribute almost 1% of the global hash rate. By way of comparison, Norway’s population is 5 million which is only 0.07% of the global population.
But the country is still expanding its mining capabilities, according to Jaran Mellerud who stated, “There will be huge growth for mining in Northern Norway because hydropower is abundant and will give miners access to cheap renewable electricity.”
Repurposing Excess Heat
Bluebite, who is a German Bitcoin mining company that tapped into Norway’s cheap and stranded renewable energy sources, is coming up with fresh new ways of repurposing the excess heat from Bitcoin mining. They are currently investigating whether channelling the heat generated from Bitcoin mining can vertically farm strawberries or even provide heat to local populations.
Repurposing excess heat generated from Bitcoin mining appears to be a growing trend. For example, the CEO of Kryptovault, Kjetil Hove Petterson told Cointelegraph that they have plans to get started with seaweed operations to complement their existing timber drying operations.
Bitcoin entrepreneurs are coming up with ways to make Bitcoin mining work alongside a growing market that cares about the environment.