Norway increased 1% of bitcoin hashrate with green energy

Arcane Research has published a report reviewing the country’s mining industry

05.04.2022 - 10:10

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What’s new? Norway’s share in the global bitcoin hashrate is 1%, with renewable energy while cryptocurrency mining accounts for 100%. Such data is contained in the analytical report of Arcane Research.

The full version of the report

What other information is contained in the report? According to the study, 88% of the country’s electricity is generated by hydropower and 10% by wind power. This contributes to the green mining of cryptocurrencies. The country attracts miners with the low electricity prices and a reduced tax for the industrial sector’s representatives, which includes bitcoin mining.

The cost of 1 kWh in Norway ranges from $0,06 to $0,1, one of the lowest in Western Europe. By comparison, in Germany, this figure was at the level of $0,2239 per 1 kWh in the first half of 2021. The cold Norwegian climate also encourages mining by reducing the cost of cooling the mining farms.

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