Norway is an example of European renewable energy management. Norway has a high proportion of its energy coming from hydropower, while the grid enjoys a surplus of green energy.
Kryptovault (Norway’s largest datacenter and Bitcoin (BTC miner), used regenerative hydropower to try to solve valid Bitcoin block problems.
The Honefoss Bitcoin mine operation is home to the hot air from Bitcoin mining rigs. It’s aptly called “the Cathedral” by its employees because of its large and cavernous space.
Kjetil Hovepettersen, CEO at Kryptovault, stated to Cointelegraph that Norway is a “ideal place for mining” and that seaweed drying operations, along with the log-drying operation will begin in the first half 2022.
Pettersen claims that Norway has a lot “trapped” energy. This means that there is a high production and a low consumption, as well as limited ability to transfer excess energy.
“This means that we can’rescue’ the trapped energy and not let it go to waste.
The withdrawal of electricity subsidies for Bitcoin mining farms in 2018 seems to have not affected the status of the Scandinavian country as a desirable destination to mine cryptocurrency.
The Guardian newspaper, which is known for its assertions of Bitcoin mining energy-FUD, has flipped the story while covering Kryptovault. Their article questioned “Can Bitcoin be sustained?”
Svein Bjerke is the General Manager of the timber company that receives dry logs. Bjerke explains that drying wood using waste heat from Bitcoin mining is the best way to go green.
Bitcoin mining has secondary benefits that go beyond the environment. Kryptovault’s energy hungry process has made Honefoss grid customers more financially secure over time.
Grid fees, which are similar to trees, are lowered year after year as the area’s energy consumption rises. Prices fall over the long-term as more energy is consumed. According to the company, “Kryptovault”‘s presence in our grid has saved them approximately 2 million euros.
However, it has been difficult to mine 100% renewable and green Bitcoin. Miners in Norway face many challenges, including:
“Project and engineering perspectives on financial challenges, including banks, tax, and regulatory compliance. It can be difficult to even set up a bank account in this industry.
Related: EU Securities regulator demands proof-of-work ban on crypto mining
These hiccups, which are unphased, will not hinder Kryptovault’s vision of transforming clean energy into Satoshis. Pettersen claims he can’t think of better industrial uses than what we do.
Pettersen joked when asked by Cointelegraph whether Kryptovault would be open to mining other cryptocurrency in the future.