Where Norway’s energy comes from 

Source: Krypotvault.no

Norway exports over $52billion of oil and gas, accounting for over 48% of the entirety of Norway’s exports. Therefore, high prices only serve to increase the amount that Norway earns whereby further enriching its massive sovereign wealth fund. This is estimated to be worth $1.1trillion and makes it the largest in the world. According to the publication Being crypto.com: “Kryptovault, Norway’s largest Bitcoin miner as well as the country’s largest data center provider and operator, is looking to clean up conversations around mining, as well as tidying up the energy footprint of mining bitcoin. Currently, Norway uses 100% clean energy, with 95% hydropower and 5% wind power” illustrating, once again, that not all Bitcoin mining is detrimental to the environment. If anything, Kryptovault is having a positive impact on the environment, having announced it is now to use the heat generated from its Bitcoin mining operations in order to dry seaweed and wood. This video from Kryptovault shows how the use of dried goods extols the green ESG credentials of its proposal.

Furthermore, it is not only in Norway that Bitcoin miners are using energy that otherwise would have potentially been wasted. In Texas, the gas that is often ‘flared off’ when prospectors are looking for and hit oil is being utilised. According to research from Denver-based Crusoe Energy Systems, by utilising the gas that would have historically gone through the flaring off process can reduce CO2-equivalent emissions by about 63%. The gas is put to use to power micro generators and the electricity is then employed for powering Bitcoin mining computers. Giga Energy Solutions is a company using flared gas to now mine Bitcoins, and in 2021 generated over $4m - not bad for the two young lads in their mid 20’s from Texas who set Giga up.

Flared gas

Source: Crusoenergy.com