Miners in Norway have to relocate due to high cost of electricity

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Elena Klimovich

17:51 15/08/2022

190
Miners in Norway have to relocate due to high cost of electricity

BTC-miner Cryptovault AS took a decision to relocate to the north of the Arctic Circle because of crisis phenomena in the economy while they haven’t occurred in chosen regions. During the latest time Norway became the real European mining center. The reason for this is the support and implementation of the country's “green” policy. In particular, according to various estimates, the percentage of renewable sources of energy is close to 98%.

The head of Kryptovault AS Kjetil Hove Pettersen admitted that the cost of the energy in the north and in the south can be 160 times different. Also there are many water sources in the chosen area. That is especially important to the company because almost all its mining activity is based on hidroenergetic.

But despite the obvious preferences in the cost of electricity there are some disadvantages. Particularly the company will have to incur expenses for the equipment transportation.

According to Arcane Research’s data Norway has 1% of the global hashrate. The most famous miners are Northern Data, COWA и Bitzero.


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