Norway Produces 1% Of BTC Hash Rate Using Renewable Energy: Analysis

Norway produces 1% of BTC hash rate using renewable energy as the new analysis show and the nation attracted a huge mining sector that is energy carbon-clean so let’s find out more about it in our latest Bitcoin news.

According to a report from Arcane research, Norway produces 1% of the BTC hash rate and it is becoming increasingly attractive for bitcoin mining. Not only does the nation produce up to 1% of the global hash rate, but it is also powered by renewable energy entirely.  When Norway is put in context with BTC mining, it Is often to outline the intense energy consumption that the mining process especially since miners can cumulatively absorb more energy than entire countries with Norway being one of them.

The country hosts a huge amount of BTC total hash power within its borders while 0.77% could not seem like much but a huge portion considering Norway’s small geography and population. According to the research from Arcane, the industry consists of small local players but it also features some larger global players like Bitdeer, Bitzeroa, and Northern data.
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A part of the reason came from Norway’s political stability and the welcoming conditions. The country is ranked 9^th on the World Bank’s Ease of Doing Busienss Index as it offers reduced power tax to members of the sector which includes Bitcoin miners as well.

Another part of Norway’s relative popularity comes from the low electricity costs which are one of the cheapest in Europe. The prices ranged between $0.03 and $0.05 per KwH for the last 5 years and even went as low as $0.01 in 2020. the sudden drop that year was because of the extra-high precipitation which filled up Norway’s hydropower reservoirs and the mountainous terrain and wet climate, which allowed it to be 88% powered by hydroelectricity. The other 10% were produced by Wind. This fact is extremely important to BTC miners that faced a lot of public and media backlash over the suspected carbon footprint.

Ripple’s co-founder is now funding an environmental campaign alongside Greenpeace and sees bitcoin’s code drop the Pow consensus mechansim that makes the mining industry possible. However, Norway’s popularity provides evidence that the energy concerns around BTC could be overstated. Back in 2020, the BTC Mining Council reported that over 50% of the BTC hash rate was being powered by renewable energy.