With their abundant renewable energy resources, Iceland, Sweden and Norway have all been popular locations for eco-friendly Bitcoin mining. But per the Economic Times, this could be set to change.
As a result of rising climate challenges, these countries might soon turn their back on the crypto industry, as renewable energy is redirected to face more pressing challenges in the quest for a smaller carbon footprint.
“There could be very little excess energy in 2021 and 2022,” said Hordur Arnarson, chief executive officer at Landsvirkjun, Iceland’s national power company.
Bitcoin mining in the Nordic region
Sweden, Norway and Iceland have an abundance of geothermal, hydro, and wind power—energy sources that have long been touted as cheap renewable options for Bitcoin miners. In contrast, Chinese mining is dominated by coal.
But according to the Economic Times, the Nordic region’s renewable energy will soon be redirected to oil rigs and steelmakers—industries that are als
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