Is Norway A New Haven

All About Norway

As discussions still continue in the search of finding more cost effective solutions for Crypto mining, Norway is now becoming the main point of conversation as opposed to Canada or Iceland which are the usual suspects.

Sandane Mountains, Norway

The place to be is Lefdal mine – a little northwest of Sandane in Norway. The location was once the home of an olivine mine and has now been taken over by the latest in digital economy mining hardware. The old data centre has been renovated beyond belief to what it is today and even more remarkable than that, the whole area runs off 100% renewable energy. This green power comes from the fjords which traverse around the Sandane mountains and said water is then turned into hydroelectric energy through dams.

In the front end of a shipping container in the above operation lies the main control centre of the mining which is very much temperature controlled and needs to be. There are 210 Antminer S9s Mining machines positioned in the locked down area of the container. The backend is reserved for the exhaust of the front end where the ASIC mining takes place. This is just one of 15 shipping containers that are managed by Northern Bitcoin. There are in total 3,250 machines positioned within these 15. All of which are powered by renewable energy. This is one of the best solutions possible for Crypto mining and this is not only for the investor in terms of reduced electricity costs but for the environment too.

Northern Bitcoin Shines

The company behind this is Northern Bitcoin as highlighted above. Although only 3 years old, the company has developed in leaps and bounds. Originally there was only one container in operation for the firm with a small amount of mining machines on the go. However, the company has done so well that it is now trading on the Munich stock exchange and is valued at over $177 million. That is not a bad return considering just how young the company is. And not only that, the company and its trading has remained pretty stable over recent months when everything else seems to have had a rocky ride. This did not just happen by chance though. The fact that the old mine was chosen as the location and hydro electricity was already in position were very strategic moves by the company. There is also the added bonus that the whole mining farm can not only have cheap power costs but can also work on neutral carbon emissions. Because of the renewable energy available, the mining farm’s electricity costs run at between $0.035–0.045/kWh. This is a power usage efficiency value of 1.08 – which is something to be extremely pleased with especially when you consider that Mongolia supplies renewable forms of energy at an average of $0.08–0.09/kWh for Bitmain.

This is a phenomenal find for Crypto mining and one that is extremely positive for the industry. Lets see if more good news can come out of this Scandinavian country and area above.

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