In today's digital currency boom, Bitcoin has always attracted much attention. However, a recent piece of news has made Nordic Bitcoin miners overjoyed: due to the plummeting electricity prices, their mining profits have more than doubled. This unexpected good news has made people pay attention to the Nordic Bitcoin mining industry and explore the secrets.

Nordic, this land covered with ice and snow, hides unlimited digital wealth. Bitcoin mining activities are in full swing here, attracting many investors and miners. However, this year, something unexpected happened-the electricity price plummeted. The electricity price plummeted, but Bitcoin miners picked up a big bargain, and their profits increased by more than two times. What is going on?

First, let's take a look at the impact of the plummeting electricity price on Bitcoin mining. Electricity is an indispensable resource for Bitcoin miners, and the decline in electricity prices means that they get more electricity at a lower cost, thereby greatly improving the efficiency of mining. This change has made the miners who originally relied on the weather brighten their eyes, as if they saw a steady stream of money pouring in.

As electricity prices plummeted, the profits of Bitcoin miners also rose. Their hard work finally got the due reward, making them more confident about the future. In this era of digital currency, Nordic Bitcoin miners are like gold diggers, going deep underground to find that rare wealth.

However, this sudden good news also triggered people's thinking about the future trend of Bitcoin. The plunge in electricity prices may only be a short-term phenomenon. Once electricity prices rise, how will the profits of Bitcoin miners be affected? This question undoubtedly makes people fall into deep thinking.

Perhaps it is this feature of coexistence of risks and opportunities that makes the world of Bitcoin so attractive. In this field full of unknowns and challenges, only by continuous exploration can we find our own way to wealth. The experience of Nordic Bitcoin miners tells us that opportunities are always reserved for those who are prepared. As long as we take the first step bravely, the future wealth is waiting for us not far away.

Finally, let us look forward to Nordic Bitcoin miners gaining more success and wealth in the wave of digital currency. Electricity prices plummeted and profits doubled. This may be just one of their many victories, and more exciting stories are waiting for us to discover. Let us witness the legend of Nordic Bitcoin miners and welcome the arrival of the digital currency era together!

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Hydroelectric power plants in the Nordic region have increased their output this year, thanks to the wettest weather in more than 20 years, making electricity prices in Sweden and Norway the lowest in the world. As electricity prices plummeted, profits from bitcoin mining in the Nordic region have tripled this year.

In 2020, the price of bitcoin nearly tripled. At the same time, due to the unique weather, the most important raw material for making bitcoin in the Nordic region, electricity, has continued to be in excess of demand this year.

Bitcoin is generally mined by giant computer farms in halls as large as airport hangars, relying on complex algorithms. This makes electricity one of the key costs. The electricity consumed by these giant computers when running is sometimes equivalent to the electricity consumption of 70,000 households.

The current changes in the electricity market have provided large bitcoin miners with alternative locations for bitcoin mining, which used to be concentrated in China, Kazakhstan and Canada.

Due to rising electricity costs and falling prices of most virtual currencies in recent years, mining activities have made profits thin. During the bitcoin rebound in 2017, many miners who were attracted to regions such as China, Kazakhstan and Canada have chosen to leave.

“Companies that have survived the hard times, like us, are happy now,” said Philip Salter, operations director at Hong Kong-based Genesis Mining Ltd., which runs a data center in Boden, Sweden. “There were times when we were not profitable at all, but our profitability has more than tripled in the past year.”

Norway power prices plunge

Unusually wet weather has pushed reservoirs across the Nordic region to their highest levels in more than 20 years, surging power generation — and keeping power prices close to zero for a long time. The region’s average power price this year is only about a third of that in Germany, Europe’s largest power market.

Norway has the lowest industrial power prices of the 30 member countries of the International Energy Agency this year. Its prices for non-domestic users were also the lowest in the European Union in the first half of the year, lower than those in Iceland, another cryptocurrency mining hotspot.

“If you don’t take fees and taxes into account, the prices here are the lowest you can find in the world,” said Tor Reier
Lilleholt, head of analysis at Norwegian consultancy Wattsight AS.

Environmentally friendly and low political risk

In addition, the main environmental benefit of locating mining bases in the Nordic region is that the electricity here is almost carbon-free, mainly composed of hydropower, nuclear power and wind power. This is becoming increasingly important for many institutional investors attracted to cryptocurrencies. Institutional buying is one of the main factors behind the recent price surge.

Moreover, the outflow of Bitcoin from the Nordic region helps to reduce its political risk.

"As Bitcoin investors become more public and want more stability and key security, China's mining business is shifting to Western countries such as Sweden. This is a very important strategic shift." Salter said, "This is one of the biggest developments worth paying attention to in the field of Bitcoin mining."

Bitcoin computing power, China is still the highest in the world

The Bitcoin mining map released by the Cambridge Center for Alternative Finance Research (CCAF) in May this year shows the current distribution of Bitcoin mining hash rate (a unit of measurement for measuring the processing power of the Bitcoin network, also known as computing power) worldwide. The map shows that the vast majority of hash rates are currently located in China.

Taking the latest data in April 2020 as an example, China accounts for 65.08%, almost 9 times that of the United States. The United States ranked second with 7.24%, followed by Russia with 6.90%, Kazakhstan with 6.17%, Malaysia with 4.33% and Iran with 3.82%.

In China, the main hash rates are distributed in Sichuan, Xinjiang, Inner Mongolia, Yunnan, Gansu and Beijing.

It is worth noting that this winter, some areas in China are short of electricity, which may make the power supply more tight and may have a certain impact on Bitcoin mining.