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

Another day, another bitcoin mine that uses green energy to operate. We have to highlight these initiatives to show how bitcoin and green energy are a complete match. They’re not at odds with each other as the FUD wants you to think. This time, it was The Guardian that took a look at Kryptovault. “A 5,000 sq metre warehouse on the outskirts of Hønefoss, a small town 40 miles west of Oslo.”

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

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

That’s it. How can the authorities say something bad about a project as complete as this one? Well, this is what Bjørn Arild Gram, Norway’s regional development minister, has to say:

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“Although crypto-mining and its underlying technology might represent some possible benefits in the long run, it is difficult to justify the extensive use of renewable energy today. The ministry of local government and regional development is currently reviewing potential policy measures in order to address the challenges related to extensive energy usage caused by crypto-mining.”

So, they’re using too much 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 total energy cost, globally, for any given thing, it’s always going to be huge – I think we can always compare to that of a small European country. That includes also traditional gold mining, which takes more than four times the amount of energy as bitcoin mining.”

He also responds to Arild Gram’s FUD with even more reasons as to why mining with green energy should be celebrated: 

“Mining should be done in more than places like Norway – and it can be a way to save trapped energy. For example, 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 before.”

And the article has him combating even more environmental FUD arguments: 

“Pettersen said people wanted bitcoin, and mining operations provided economic returns through tax and employment. Mining is further said to offer a way for countries with excess renewable energy supply from hydro, wind or solar power at certain times and seasons to make value of it within their own borders and without transfer costs.”

Bitcoin mining provides both a buyer of first resort and a buyer of last resort. Bitcoin mining is the factor that’s going to make green energy producers profitable.

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What Else Do We Know About Kryptovault? 

Even though their operation “accounts for just under 1% of the computing and process power in the global bitcoin network,“ Kryptovault is still huge. In the article, they describe it as:

“Kryptovault aims to have 15,000 miners at work by this autumn. Otto Him, 37 and Martin Mikalsen, 26, who manage the Hønefoss mine, have nicknamed one area between two huge walls, or pods, of 6,500 computers as “the cathedral”, in recognition of its awesome scale.”

Also, “the company is in early talks to dry seaweed for a local firm.” The free drying of logs of wood might not last forever, but, we hope it does. These are the kinds of stories that make the Bitcoin network look good. It’s a fantastic idea that should be replicated and adapted to other surroundings.

Featured Image by Herbert Grambihler on Unsplash  | Charts by TradingView

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