According to a recent report from Arcane Research, Norway’s Bitcoin mining industry relies 100% on renewable energy. The country currently contributes almost 1% to the global hash rate, entirely powered by hydropower. Norway is the ‘Green oasis’ for Bitcoin Mining Blockchain analytics firm Arcane Research’s in-house researcher, Jaran Mellerud pointed out in his recent report that Bitcoin miners in Norway use 100% renewable energy. Crucially, the country’s 100% renewable energy source comes from 88% hydro and 10% wind with Arcane calling the country “a green oasis of renewable energy.” 88% of Norway's electricity comes from hydro and 10% from wind. Except for a 2% share of natural gas powering the Norwegian offshore oil shelf, Norway is powered by 100% renewable energy. — Jaran Mellerud (@JMellerud) April 4, 2022 Using data from the Cambridge Bitcoin Electricity Consumption Index by mapping out the mining facilities, the report concludes that Norway contributes 0.77% to the Bitcoin total global hash rate. As noted in Arcane’s report, the Bitcoin mining industry there consists of some regional players such as Kryptovault and Arcane Green Data. However, it also features leading global players like Northern Data, Bitdeer, Bitzero, and COWA. However, “Norwegian miners are not the biggest,” according to Arcane. But, this could soon change due to the growing advocacy for Bitcoin miners to shift towards renewable energy.The post Bitco...
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