Bitcoin Mining Around The World: Norway’s Outsized Presence Relative To Its Size
What makes this Arctic outpost so attractive to bitcoin miners, considering the country’s tiny geographical size and small population? The below article is part of a larger series on Bitcoin mining around the world compiled by the team at Arcane Research.This is the second article in a series describing the bitcoin mining industry in various countries around the world. The first article covered Georgia, and I now do a similar analysis on Norway. Coming from Norway, I have first-hand knowledge of the country’s bitcoin mining industry. Also, I work for Arcane, which has a mining operation....
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Norway’s Bitcoin mining credentials are impressive: The small European country hosts 0.77% of Bitcoin’s hash rate using 100% green, renewable energy. Bitcoin (BTC) mining in Norway is 100% renewable and “flourishing,” according to a report by Arcane Research. “A green oasis of renewable energy,” Norway contributes almost 1% to the global hash rate and is almost entirely powered by hydropower.Using data from the Cambridge Bitcoin Electricity Consumption Index and by mapping out the mining facilities, the report concludes that Norway contributes 0.77% to the Bitcoin total global hash rate.....
Bitcoin miners have an outsized presence in Georgia, but what’s so special about the country’s attitude, energy mix and regulatory environment?
Earth Day 2022 is a good day to highlight how crypto mining operations have begun to naturally gravitate towards cheaper and cleaner energy sources. April 22 is Earth Day and with environmental sustainability one of the key topics in the global debate surrounding Bitcoin mining, analysts say the industry has begun to naturally gravitate towards cleaner and cheaper energy sources.According to a January report by the Bitcoin Mining Council, by Q4 2021, the global Bitcoin mining industry ran on an estimated 58.5% renewable energy.The preference for clean energy is due to a combination of....
In this article I will explain how the size of Bitcoin blocks is determined in the absence of an arbitrary size limit. Oleg has already written an excellent post on this topic, but I have a few things to add and I wish to relate the discussion to the current debate over increasing the block size. If the maximum limit on block size is removed, it is not the case that blocks will simply grow without limit. There is a natural size that is determined by the market. The block size will change until the marginal revenue of adding more transactions approaches the marginal cost; this could happen....
The proposal to ban Bitcoin mining in Norway was rejected in a vote by the Norwegian Parliament on May 10. There’s Nor-way they can ban Bitcoin (BTC) mining in Norway now. That’s according to a majority vote passed by the Norwegian parliament on May 10.The proposal to ban Bitcoin mining in Norway was first suggested in March this year by the Red Party (Norway’s communist party.) In this week's vote, the proposal was overturned as only Norway’s left-leaning parties, including the Socialist Left Party, the Red Party and the Green Party would support a ban on cryptocurrency mining.Jaran....