Cryptocurrency mining will always remain a curious industry. Many people make good money from it, even though there’s also now a degree of centralization involved. The hunt for cheap electricity is far from over in this industry, however.
It now seems Sweden and Norway are entering the show. Both countries now attract a lot of attention from miners, which paints an interesting future.
Very few countries around the world provide cheap and renewable electricity at this time. Nordic countries are leading the way in this regard. Both Norway and Sweden are home to cheap hydroelectric energy which is very well worth paying attention to. These two countries are on the same level as Iceland in this regard, although that country is slightly more expensive in this instance.
Based on current prices, Norway and Sweden are between ten to twenty percent cheaper. This is an option worth taking into consideration as a cryptocurrency miner. The most affordable rate of energy is always the most appealing. This is a positive development for the two nations, as they continue to set the precedent for the rest of Europe.
Sweden’s Vattanfall is pleased with the interest from cryptocurrency miners. The firm is content to supply electricity to these companies… Although it is merely a fraction of their business right now, it also presents many new opportunities. Norway’s Statkraft is in the same boat, as they also welcome Bitcoin miners.
International Miners Want Cheaper Electricity
It seems both of these countries are attracting a lot of interest from overseas nations. While domestic firms are also moving in on this cheap electricity, Chinese firms are also inquiring as well. The abundance of cheap hydropower is something that will change the mind of several companies. BitFury, for instance, seems to have taken an interest in Scandinavia right now.
Bitmain, the globe’s leading cryptocurrency hardware manufacturers, also takes a liking to Sweden and Norway. The company has already set up shop in Switzerland for other purposes. With the Chinese government cracking down on the industry, it is understandable companies move elsewhere. Europe is quickly becoming a cryptocurrency safe-haven for various reasons.
How this situation will play out remains to be seen. Both regions are improving their power grid infrastructure to accommodate the growing demand for electricity. That seems to confirm many more companies are in the process of setting up shop soon. With Europe now attracting cryptocurrency firms, an interesting tone is being set. Rather than banning the activity, the continent sees it as a way to boost the economy.