Cryptocurrency miners are moving to Sweden and Norway seeking cheaper electricity
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Companies can spend between $1,400 and $1,800 in electricity to mine just one bitcoin. That forces firms to search for places with cheap electricity to base their operations.
Published | Photo by Reuters/Christinne Muschi
For that reason, Iceland is a popular destination for miners. It has cheap energy, at €8 cents per kWh, below the European average of €11 cents, and cold weather, which helps firms save with cooling.
Sweden and Norway are also becoming popular bases. Temperatures are similarly cool, but electricity is even cheaper than in Iceland, at €6 cents per kWh in Sweden and €7 cents per kWh in Norway.
Canadian group Hive started mining ethereum from Sweden in January, and American firm Bitfury started mining bitcoin from Norway in March. And more deals are expected.
The largest miner of bitcoin in the world, China’s Bitmain is researching both countries, according to sources heard by Reuters. Bitmain recently opened a mining operation in Switzerland.
