Norway, the European leader in renewable energy management, where hydropower provides up to 99% of Norway’s energy, and the system often has a green energy surplus, recently came up with an innovative idea that can shut many mouths.
Kryptovault’s actions help Norway’s Wood company
Using regenerative hydropower as an attempt to solve legitimate Bitcoin blocks was not enough for Kryptovault, Norway’s largest data center and Bitcoin (BTC) miner.
The hot air generated by Bitcoin mining equipment is recycled and utilized to dry off chopped wood at the Honefoss Bitcoin mining complex, which its employees have aptly named “the Cathedral” due to its immense expansion.
Kjetil Hove Pettersen, CEO of Kryptovault, said that Norway is an excellent site for mining and that seaweed drying activities are set to start in the first half of 2022, along with the log-drying process.
Norway has a lot of “trapped” energy, according to Pettersen, citing a much higher production than consumption. It also lacks the ability to move the excess energy:
“This translates to very low energy prices, and we can ‘rescue’ that trapped energy rather than letting it go to waste.”
The elimination of electricity subsidies from Bitcoin mining farms in 2018 appears to have had little impact on Norway’s reputation as one of the best locations for Bitcoin mining.
Svein Bjerke, the general manager of the wood company that receives the dried logs, stated in a video that the most environmentally friendly method to achieve this is to dry wood with waste hot heat from Bitcoin mining.
Moreover, Bitcoin mining also resulted in Honefoss grid users bettering off over time with the work of Kryptovault’s energy-hungry system.
Efforts to make Bitcoin mining environmentally friendly
Last year, the Canadian crypto mining firm MintGreen said that it would supply heat to residents by joining hands with Lonsdale Energy Corporation.
Nonetheless, the idea of making Bitcoin mining fully renewable and green has always been challenging. Numerous challenges face miners in Norway, including “project and engineering perspectives to financial challenges, involving banks, tax, and regulatory compliance.
After China’s actions on banning crypto mining in the country, many regulators all over the world have started tightening their laws on the subject.