In a landmark development, Bitcoin BTC/USD mining operations are set to heat one of the coldest regions on Earth.
What happened: Sazmining, a Bitcoin mining firm that connects individual retail miners with renewable energy-powered facilities, said in a press release that the new site would come up in Norway, just above the Arctic Circle.
The mining site would be hydro-powered, and the heat generated from the process would be repurposed to warm up buildings, replacing oil-fired boilers with high carbon footprints.
Additionally, the excess heat would be supplied to local industries, such as the drying of cod fish, helping the residents save on energy costs.
"We’re proving that Bitcoin mining can deliver true value for value. By integrating nearly 100% carbon-free energy and repurposing mining heat for local industries, we’re creating a win-win for everyone," Sazmining CEO Kent Halliburton said.
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Why It Matters: Bitcoin mining sites are large data centers that run on massive amounts of electricity, helping to keep the network secure and pushing more Bitcoins into circulation.
Heat is one of the biggest by-products of the process. As such, repurposing this excess heat could be a lucrative business opportunity, especially in areas with extremely cold climates.
Bitcoin mining also plays an important role in Texas, the Bitcoin mining hub of the U.S.
Minere here help in stabilizing the state's power grid by powering up their operations when there is an excess capacity of electricity while drastically lowering the when the state requires more usage during extreme weather conditions.
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