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The extraction of Bitcoin is undoubtedly an expensive business, but Northern Bitcoin claims to have cut spending using a former metal mine in Norway.
Innovation station
Bitcoin mining is undoubtedly an expensive business, both in financial and ecological terms. But northern Bitcoin claims to have reduced their price and energy costs by using a former metal mine in Norway.
Depending on what you read, bitcoin mining is inexorably moving our planet forward to its inevitable fate, or rather good value compared to gold and the banking sector.
Whatever your personal point of view, it would be hard not to agree that greater efficiency would be a marked improvement.
Mining companies are constantly combing the world for cheaper electricity and favorable weather conditions. Clearly, the motivation for this is to maximize profits, but some solutions also have positive ecological consequences.
Icelandic innovators are re-proposing excess energy from other industries, thus passing through the excess heat generated by the mining platforms.
Hey Boss, I have an idea
It seems almost a breeze. If you are looking for a quiet place to extract bitcoins, then a large underground network (say a mine) might seem like an ideal place. The Lefdal mine in Norway adds icy water from the fjord as an economic cooling system and renewable hydroelectric and wind power for low-cost electricity.
Russia is another country where the extraction of cryptocurrencies could become a vital industry because of the cold climate and low-cost electricity in some regions.
These favorable conditions led to its launch as a data center last year, after almost 10 years of inactivity after the cessation of mining. Apart from the activities of Northern Bitcoin, the site's data storage facilities also attracted big names like IBM.
The bottom line
Northern Bitcoin claims its mining costs can be as high as $ 2,700 per bitcoin. This is comparable to Norway's average extraction cost of $ 7,700 each, which is higher than the current bitcoin value 00.
It is also in competition with Chinese and Saudi Arabia averages, of $ 3100 per bitcoin. Australia comes to the top of the mining cost chart, at almost $ 10,000 per currency.
Northern Bitcoin hopes to finally extract 100 bitcoins a day at the facility and is about to launch its own mining pool.
Does bitcoin mining competition stimulate the demand for renewable energy? Share your thoughts below!
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