According to a study conducted by Arcane Research, Norwegian miners use exclusively renewable energy sources.
It is worth noting that the country accounts for about 1% of the Bitcoin network hashrate.
To conduct the study, the company's analysts have relied on data from the Cambridge Bitcoin Electricity Consumption Index and CoinShares.
At the same time, the population of this European country is only 5 million people, many of whom are engaged in mining.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
According to the Water and Energy Authority, Norwegian crypto miners generate 88% of their capacity with hydropower and 10% with electricity from wind farms.
According to the researchers:
"Norwegian Bitcoin miners use exclusively renewable energy sources and the situation will not change. Arcane Research analyst Jaran Mellerud points out that renewable electricity is cheap. Therefore, Norwegian miners prefer to use these sources to power their equipment."