Sweden has added a new feather to its cap with the inauguration of a hydro-powered Bitcoin mining center.
The international mining giant, Genesis Digital Assets Limited (GDA), known for its massive 400 MW of power generation across the globe, has unveiled its latest data center in Sweden. This move capitalizes on the nation’s increasing availability of renewable energy.
Nestled in the northern stretches of Sweden where hydroelectric power is plentiful, this facility enjoys close proximity to the Porjus Hydroelectric Power Station. Abdumalik Mirakhmedov, the top brass at GDA, highlighted, “Being near the hydro station, we anticipate our entire energy usage to come from green sources.”
The Porjus data center boasts a commendable 8 MW capacity, which translates to an estimated hash rate of 155 petahashes every second. At this site, GDA has installed a whopping 1,900 Bitcoin mining machines.
Jaran Mellerud, an energy expert, notes that Sweden largely relies on nuclear and hydro energy for its power needs, especially up north. He adds, “In 2021, Sweden ranked fifth globally for per capita electricity generation.”
The growth of GDA in the Nordic region isn’t an isolated incident. Christian Anders from BT.CX, a pioneer Swedish Bitcoin exchange, remarked that while high energy costs typically discourage Bitcoin mining, the Nordic countries are different. He said, “Countries like Sweden, Finland, and Norway occasionally have energy surpluses, leading to negative pricing, and their primary energy source is hydro, which is often located remotely and is challenging to distribute widely.”
Mirakhmedov emphasizes the allure of Sweden’s abundant clean energy for mining operations. While there’s a mixed sentiment about Bitcoin in Scandinavia, energy corporations are recognizing its potential. The head honcho of Vattenfall, Sweden’s prime energy producer, is a Bitcoin mining enthusiast and sees its value in stabilizing power grids. This grid-balancing act isn’t exclusive to Sweden; it’s catching on in the U.S. as well.
Tim Carra of GDA sees Sweden as a prime Bitcoin mining destination, citing its wealth of energy, innovation-friendly climate, and a culture geared towards invention. He said, “Given these assets, Sweden is primed for Bitcoin mining, and we’re eager to invest further in this picturesque region.”
While GDA has significant operations in Texas, its new Swedish venture is complemented by another facility in South Carolina, showcasing that untapped mining prospects still abound globally.
Alluding to Bitcoin’s energy appetite, Anders pointed out opportunities in Spain and Portugal, where affordable energy is available both locally and from Africa. His platform, BT.CX, collaborates with eco-friendly Bitcoin miners to provide sustainable Bitcoin investment options.
Contrary to the belief that Bitcoin mining is an energy black hole, it uses just under 0.7% of the world’s energy, as per the Cambridge Center for Alternative Finance. Moreover, a lion’s share of the global Bitcoin mining energy comes from renewable sources. Norway, for instance, relies entirely on renewables for its Bitcoin operations, and now GDA’s new Swedish base joins the list of green energy Bitcoin miners.
In wrapping up, Anders expressed enthusiasm, saying, “It’s fantastic to witness more miners choosing Nordic nations to champion this green initiative.”