October 3, 2022

The Norwegian Bitcoin Mine That Uses Green Energy And Dries Wood As A By-Product

3 min read

Another day, another bitcoin mine that uses green energy to operate. We need to highlight these efforts to show how bitcoin and green energy are a total match. They’re not at chances with each other as the FUDers desire you to believe. This time, it was The Guardian that had a look at Kryptovault. “A 5,000 sq metre warehouse on the outskirts of Hønefoss, a village 40 miles west of Oslo.”

Associated Reading|Bitcoin Incentivizes Green Energy Infrastructure And Elon Agrees. Here’s Proof

They’re 100% green energy already, but that’s not all. With the heat that the operation produces, Kryptovault dries wood for the neighborhood.

“Despite the snow, it will take a few days for the logs to be dried out, after which a local lumberjack, grateful for the complimentary service, will take them away for sale.”

That’s it. How can the authorities say something bad about a job as total as this one? Well, this is what Bjørn Arild Gram, Norway’s local advancement minister, needs to say:

“Although crypto-mining and its hidden innovation might represent some possible benefits in the long run, it is hard to justify the extensive use of renewable energy today. The ministry of local government and local advancement is currently examining possible policy procedures in order to address the challenges related to comprehensive energy use brought on by crypto-mining.”

So, they’re using excessive green energy now? Is that the story here?

What Does Kryptovault Say About Green Energy?

We pass the mic to Kjetil Hove Pettersen, Kryptovault’s chief executive, who throws gold mining under the bus:

“If you look at the overall energy expense, internationally, for any offered thing, it’s always going to be huge– I believe we can constantly compare to that of a little European country. That consists of likewise traditional gold mining, which takes more than 4 times the quantity of energy as bitcoin mining.”

He likewise reacts to Arild Gram’s FUD with even more reasons as to why mining with green energy need to be commemorated:

“Mining should be done in more than locations like Norway– and it can be a way to save trapped energy. For instance, in northern Norway where there is excess, or in El Salvador where they are now using energy from volcanoes, setting up production when it wasn’t there prior to.”

And the short article has him combating much more environmental FUD arguments:

“Pettersen stated individuals wanted bitcoin, and mining operations provided financial returns through tax and work. Mining is even more stated to provide a way for nations with excess renewable resource supply from hydro, wind or solar power at particular times and seasons to make value of it.”

Bitcoin mining supplies both a purchaser of first resort and a purchaser of last resort. Bitcoin mining is the factor that’s going to make green energy producers lucrative.

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TradingView.com What Else Do We Know About Kryptovault?

Despite the fact that their operation “represent just under 1% of the computing and process power in the international bitcoin network,” Kryptovault is still big. In the article, they explain it as:

“Kryptovault aims to have 15,000 miners at work by this fall. Otto Him, 37 and Martin Mikalsen, 26, who handle the Hønefoss my own, have nicknamed one area in between two substantial walls, or pods, of 6,500 computer systems as “the cathedral”, in acknowledgment of its awesome scale.”

Related Reading|What Did Musk, Dorsey, And Wood Say About ESG, Green Energy, And Bitcoin Mining?

Likewise, “the company is in early speak to dry seaweed for a regional firm.” The complimentary drying of logs of wood might not last forever, however, we hope it does. These are the sort of stories that make the Bitcoin network look great. It’s a fantastic concept that must be duplicated and adjusted to other surroundings.

Featured Image by Herbert Grambihler on Unsplash|Charts by TradingView