Cryptocurrency miners find cheap energy in Sweden and Norway

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More and more cryptocurrency miners are moving into Sweden and Norway to take advantage of less expensive hydro-electric energy and low temperatures to power and cool down their servers.

Mining is the key action needed for blockchains to remain decentralised and secure. As a miner, one needs computing power and endless amounts of electricity which notably does not come cheap.

Moreover, Iceland stands to be Europe’s most popular location for miners of virtual currencies such as Bitcoin and Ethereum. However, at 6.5 euro cents and 7.1 cents per kilowatt hours, commercial power prices in Norway and Sweden are considerably cheaper than Iceland’s 8 cents and below the European average of 11 cents.

This is good news for Norway’s Statkraft and Sweden’s Vattenfall, the leading utilities in their countries. In addition, supplying power to cryptocurrency miners is a very small part of current business but the 2 state-owned firms have said that they see it as an great opportunity.