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Norwegian Bitcoin Miner Heads North to Escape Record Power Bills

  • Energy crisis is made worse in Norway by low hydro reservoirs
  • Norway has attracted crypto miners with cheap, green power
Stokmarknes, Norway

Stokmarknes, Norway

Source: Shutterstock

Soaring power prices are forcing a Bitcoin miner and data center operator in southern Norway to head north.

Kryptovault AS is moving operations north of the Arctic Circle, where electricity is much cheaper, Chief Executive Officer Kjetil Hove Pettersen said. Staying put would mean doubling a power bill that last year hit 202 million kroner ($21 million) and typically makes up more than 80% of the company’s operating expenses, he said.