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It has long been known that the extraction of Bitcoins can have an impact on the environment. Northern Bitcoin, however, may have found a way to extract cryptography without breaking the planet, Forbes reports.
Northern Bitcoin has begun to extract their Bitcoin and other cryptocurrencies from an old Norwegian metal mine. The company claims that the move has had a significant impact on cutting costs and energy costs of their mining crypto operations.
According to the blockchain and crypto research group Diar, the BTC miners have achieved revenues of over $ 4.7 billion this year. Profits have declined, however, due to the fall in the value of Bitcoin this year and the rising cost of electricity.
Northern Bitcoin claims to be able to extract a BTC for only $ 2,700 in the Norwegian Lefdal mine. With the current market value of Bitcoin hovering around $ 6,600, the company earns about $ 4,000 in an orderly manner.
After almost ten years, the Lefdal mine was reopened last year as a data center hosting big names like IBM. The mine uses the cold water of the river fjord to cool the computers and the hydroelectric wind generated in the region provides low-cost renewable energy.
According to Northern Bitcoin, the average cost for Bitcoin mining in Norway is $ 7,700 per coin. China and Saudi Arabia would have the lowest cost of $ 3,100. In Australia, however, the extraction of a Bitcoin can cost up to $ 10,000.
A recent study published by researchers at the Oak Ridge Institute for Science and Education indicates that the extraction of Bitcoin consumes as much energy as Denmark.
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