- Bitcoin mining activities beginning to grow in Nordic countries like Norway and Sweden
- These countries offers miners a carbon-free energy
The Head of Operations at Genesis Mining, Philip Salter, has drawn the attention of the public to an ongoing subtle change that is happening in the Bitcoin mining business that most people are oblivious of. According to Salter, miners are beginning to move from China to Sweden and Norway. He made this disclosure in a recent interview with Bloomberg.
Salter added that miners have found these Nordic countries to be safer and more stable in comparison to China that is currently leading the growing industry. He further alluded that this shift is one of the major developments in recent while for the industry.
In his words, Slater says that as “Bitcoin investors become more public and (they) want more stability and critical safety” which China cannot presently offer to them. He further added that his company’s profitability has increased exponentially largely due to the wet weather and the currently ongoing rise in Bitcoin price and adoption. He noted that his firm was not making any profit before this period came in.
Also, Bitcoin detractors have always called the digital asset a Chinese coin because most of the mining activities occurred in the Asian country.
A recent example of that is Chris Larsen of Ripples who claimed that the Chinese authorities could regulate transactions on the blockchain of Bitcoin. According to Larsen, since 65% of crypto mining happens in China, it means that the government there can effectively control protocols to block or reverse transactions.
Nordic country offers Bitcoin mining Carbon-free energy
One of the reasons miners have been shifting to the Nordic country is because these countries majorly rely on green energy which drastically reduces carbon emissions.
Bitcoin mining generally requires a high amount of power which has generated concerns about the effect of such power consumptions on the planet, in light of climate change.
This has led to bodies like the New York Department of Financial Services (NYDFS) advising the crypto mining firms to take their firm’s carbon emission level into account.