Countries from the Nordic Region such as Norway and Sweden are these days considered safe-haven for Bitcoin miners. They found that the electricity tariffs charged by citizens of Norway and Sweden are lower than any other country in the world. This makes both the countries the best place for Bitcoin miners to initiate mining at low electricity cost.
It had been reported recently by Bloomberg that the consumer electricity charges had been at the lowest amongst most of the countries within the Nordic Region. In particular, the electricity tariffs in the countries namely Norway and Sweden, had been the cheapest throughout the world.
Bloomberg compared the electricity prices being charged in Germany with that of Norway and Sweden. It found out that Germany’s electricity tariffs had been three times greater than Norway and Sweden. However, Germany had been considered to have the largest power sector in the entire European region at cheaper tariff rates.
Later on, ReierLillehold of Norwegian Wattsight AS re-confirmed that Norway had been charging the lowest tariff rate in the whole world.
Most of the crypto mining stations had been known to be present in countries such as China, Canada, and Kazakhstan. However, Bloomberg suggested that Bitcoin miners may be shifting their mining stations soon to Norway or Sweden. It added further that the low electrical charge hadn’t been the only thing that would favor the mining industry in the Nordic Region.
Bloomberg explained that when the electricity fee would be lower, then the miners would be able to mine extra coins. Similarly, coins would be generated frequently because the hash rate would climb up enormously which would allow miners to produce more coins.
Bitfury’s BD Manager, Tyber Page, also said that he had witnessed growing interest amongst Bitcoin miners to set up mining stations in Norway. He explained that throughout this year, Bitcoin was on the Bull-Run and its price continued to surge. Resultantly, the prices of electricity remained at the considerably lower side. However, increased inflation is expected in the coming year therefore electricity charges would be on the higher side.
But still there hadn’t been any confirmed reports of either shifting or setting up of any Bitcoin mining hot-spots in Norway.