Thursday, 20 June 2024

Crypto Mining News

Renewable energy Bitcoin mining company powers up in Sweden

Renewable energy Bitcoin mining company powers up in Sweden

Sweden has welcomed a hydro-powered Bitcoin (BTC) mining data center. 

Genesis Digital Assets Limited (GDA), a mining and data center company with over 400 MW of power generation worldwide has made a opened a new data center in Sweden, driven by the country’s burgeoning renewable energy surplus.

The new operation is located in the far North of Sweden, where hydroelectric power dominates the grid.  Abdumalik Mirakhmedov, executive president and fouder of GDA, told Cointelegraph that the new data center is located near the Porjus Hydroelectric Power Station:

“Given the proximity to the hydroelectric power station, we expect all of our electricity consumption to be powered by renewable energy.”

The total capacity of the data center is approximately 8 MW and is expected to result in a hash rate of approximately 155 PH/s (peta hashes per second). GDA explained to Cointelegraph that there are 1,900 Bitcoin mining machines deployed in the Porjus data center.

As reported by Jaran Mellerud, a Business Developer at Luxor Mining, and a frequent Cointelegraph contributor, Sweden produces almost all of its electricity from nuclear and hydropower, particularly the north.

Mellerud, who hails from nearby Norway, explains that renewable energy is also abundant:

“Sweden is an electricity powerhouse, generating the fifth-most electricity per capita globally in 2021.

GDA’s strategic expansion is part of a broader trend in the Northern European Bitcoin mining landscape. Christian Anders, the founder of BT.CX, a Swedish Bitcoin exchange dating back to January 2012, told Cointelegraph that Bitcoin mining is not very common due to high energy prices.

However, the Nordics are a class apart, Anders told Cointelegraph:

“Sweden, Finland, and Norway have a surplus of energy and negative energy prices from time to time, and primarily renewable energy in the form of hydropower in a remote location which is hard to distribute.”

Untapped, stranded, and renewable energy are popular ingredients for Bitcoin mining as they tend to be the cheapest. Mirakhmedov explained, “Sweden also has abundant clean energy sources, which is an important factor we consider in our operations.”

Porjus is in the far north of Sweden where renewable energy is abundant.

Moreover, while sentiment among some Scandinavians is negative towards Bitcoin, Anders told Cointelegraph that energy companies are coming around to Bitcoin mining’s utility: “The CEO of the largest energy producer in Sweden,…

Click Here to Read the Full Original Article at News…