The Nordic region, home f ancient Viking tribes, is recently termed once again as the best place to mine crypto-currencies. During this time of the year, the value of crypto-currency is almost tripled in its value and it seems that the land of Norway and Sweden has something that is extremely required to farm crypto-currency. The region has the lowest electricity cost amongst the European nations.
The current weather in the region is extremely and has boosted the hydro-electric plants to their extreme capacity. As such the cost of electricity has plunged deeply. For the farming of crypto-currencies, giant computer farms that process complex algorithms in halls as big as airport hangers are required. But more than everything, the farms consume as much power as that used by 70,000 households.
Current weather conditions in the Nordic region has boosted the hydro reservoirs to the highest level in more than 20 years. The result is power prices close to zero for extended periods. And the miners are taking full advantage of this unusual phenomena, and are reaping benefits of the Crypto-currencies increased value.
“These prices are some of the lowest you can find in the world if you disregard fees and taxes. What we saw this summer was that the low levels registered over such a long time. There is a significant strategic shift away from mining in China to mining in western countries like Sweden. Bitcoin investors have become more public and want more stability and critical safety. It is one of the biggest developments in Bitcoin mining to look out for.”
Mining Bitcoin in the Nordic region has significant advantages. Since the electricity produced is almost carbon-free, it helps reduce the political risk profile of Bitcoin. And most importantly the region currently solves the biggest hurdle in mining Bitcoin, that is, the cost of electric power.