Scandinavian countries are now slowly finding their niche in the cryptocurrency industry. Their cool weather greatly reduces the need to cool overworked mining equipment making these countries among the top most desirable destinations for crypto miners.
Sweden, Norway Lure Crypto Mining Firms
Iceland has long been acknowledged as one of the centers for cryptocurrency mining in Europe. At 8 euro cents per kilowatt-hour, Iceland’s power rate is significantly cheaper compared with the European average of 11 euro cents. And with all the ice around, the place is convenient for crypto mining activity as miners no longer have to spend so much just to cool down their overworked hardware.
But even Iceland is now facing some serious competition from two of its Nordic cousins. Lately, crypto miners have been flocking in droves to Norway and Sweden to put up shops in these locations and take advantages of conditions in these two countries that are deemed ideal for mining.
Since all Nordic countries are basically as cold as they could get, the only difference between Iceland and Norway as well as Sweden is the cost of electricity. While Iceland’s 8 euro cents is cheap by European standards, power rates in neighboring Sweden and Norway are even way cheaper. Norway’s public utility firm Statkraft charges a mere 7.1 euro cents for a kilowatt-hour of electricity while Sweden’s utility firm Vattenfall can be considered dirt-cheap at 6.5 euro cents.
This fits perfectly into crypto miner’s plans of mining as much coins as they can at the least amount of expense possible. As everyone knows by now, mining these digital currencies is a rather power-draining endeavor.
In fact, estimates say that crypto mining activities this year will consume a massive 130 terawatt-hour of electricity this year. For comparison, that’s around the power consumption of the whole of Argentina.
This need for cheap power is driving mining companies from around the world to these Scandinavian shores. For instance, Canadian group HIVE Blockchain Technologies (HIVE.V) already started their Swedish mining operations early this year. In addition, the world’s largest Bitcoin miner China’s Bitmain is reported to have already started investigations on the potential of Sweden and Norway in its operations.
Meanwhile, an unconfirmed report claimed that Sweden just announced something that might shock the traditional financial system. If reports are correct, the country has just adopted “a certain cryptocurrency as Sweden’s official coin,” according to a CryptoReports24.com article.
At the moment, major news outlets have not yet run this story so its pretty hard to validate its authenticity. But if indeed correct, it would make Sweden the first major government in the world to express its confidence on these digital currencies. Of course, we’ll be updating readers once additional info either confirming or refuting this report comes up.
Majority of crypto investors understand and value the concept of decentralization. Naturally, this group is a bit concerned about the latest net neutrality debate in the U.S. and how it may affect their browsing experience in the future.
For this reason, a totally decentralized internet may be what you are looking for. You can visit d-net, a company that has committed to net neutrality principles, for its product lineup that could help you maintain a totally net neutral browsing experience.