Bitcoin mining is unquestionably a costly business, but Northern Bitcoin claims to have cut expenses by using a former metal mine in Norway.

Innovation Station

Bitcoin mining is unquestionably a costly business, both in financial and ecological terms. But Northern Bitcoin claims to have cut their price and energy costs by utilizing a former metal mine in Norway.

Depending on what you read, bitcoin mining is either inexorably advancing our planet towards its inevitable doom [N.B. this link has been given as a tip today, so perhaps change to Bitcoinist link if somebody writes it up?] , or pretty good value compared to gold and the banking industry.

Whatever your personal viewpoint, it would be hard not to agree that greater efficiency would be a definite improvement.

Mining companies are constantly scouring the world for the cheapest electricity and favorable climate conditions. Clearly, the motivation for this is to maximize profits, but some of the solutions have positive ecological ramifications too.

Icelandic innovators are repurposing surplus energy from other industries, then passing along the excess heat generated by the mining rigs.

Hey Boss, I’ve Got An Idea

It almost seems like a no-brainer. If you are looking for a chilled location to mine bitcoin, then a large underground network (let’s say, a mine), might seem like an ideal place. The Lefdal Mine in Norway, adds icy fjord water as a cheap cooling system, and renewable hydroelectric and wind power for cheap electricity.

Russia is another country where cryptocurrency mining could become a viable industry due to its cold climate and cheap electricity in some regions.

Such favorable conditions led to its launch as a data center last year, following almost 10 years dormant after mineral mining ceased. Aside from the activities of Northern Bitcoin, the site’s data storage facilities have also attracted big names such as IBM.

The Bottom Line

Northern Bitcoin claims that its mining costs can be as low as $2,700 per bitcoin. This compares well to Norway’s average mining cost of $7,700 each, which is above the current bitcoin value 00.

It is also competing against the Chinese and Saudi Arabian averages, of $3100 per bitcoin. Australia comes top of the mining cost chart, at almost $10,000 per coin.

Northern Bitcoin hopes to eventually mine 100 bitcoin per day at the facility and is in the process of launching its own mining pool.

Will bitcoin mining competition boost demand for renewable energy? Share your thoughts below!

Images courtesy of Shutterstock

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