Norwegian BTC miner moves to Arctic Circle to cut energy costs
Norwegian Bitcoin mining firm Kryptovault AS is reported to be the first company to mine Bitcoin north of the Arctic Circle.
Kryptovault AS intends to move most of its crypto miners to the coldest part of Norway, as electricity prices are 160 times cheaper there, CEO Kjetil Hove Pettersen said.
It is worth noting that Kryptovault AS produces Bitcoin almost entirely from renewable energy, as 98% comes from hydropower. This could be another reason why the firm decided to move north, since there are many sources of water in the region close to the Arctic Circle.
However, Pettersen said the company will initially have to pay some significant costs, including transportation of machinery.
According to a recent study conducted by Arcane Research, Norway produces about 1% of the world's hashrate and is powered entirely by renewable energy.
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