Cryptocurrencies
The Quest for Cheaper Bitcoin Mining Power Continues North
Miners from Sweden and Norway are heading north of the Arctic Circle in their quest for less expensive energy sources.
Photographer: James MacDonald/Bloomberg
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Sweden and Norway are home to some of the most abundant energy sources in the world — including geothermal, wind and hydro electricity.
Which helps explain why these countries have been becoming so attractive to Bitcoin miners. Unfortunately for those miners, the combination of Russia’s invasion of Ukraine along with rising inflation and environmental factors like drought, are curbing the availability of cheap electricity in these Nordic regions. Miners in some of these areas could even be regulated out of the market.