Bitcoin miners can sell waste heat in the country’s heating grid, notes a recent report published on the Hashrate Index.
Although Finland is not considered one of the most attractive destinations for Bitcoin miners, due to high electricity costs, this situation could change in the coming years.
A report published by Bitcoin mining analyst Jaran Mellerud on the Hashrate Index platform shows that the residual heat generated by the cryptocurrency tool can generate a large amount of business for Bitcoin miners.
According to Mellerud, miners on the Bitcoin network would be able to sell waste heat for heating the country, which is mostly powered by cogeneration systems.
Mining tools for extracting cryptocurrencies from the blockchain network have the ability to transform electrical energy into thermal energy, while generating a large amount of hot air energy that can be recycled and used to generate heat for thousands of homes.
In 2021, the Wall Street Journal published an article about how Bitcoin miners are using weapons to heat houses, buildings, and even greenhouses.
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Finland, the unexplored frontier of Bitcoin mining in Europe
Finland’s energy potential also provides a growth opportunity for Bitcoin miners.
According to Mellerud, nuclear energy is the main source of energy in Finland, generating 35% in 2022, according to data in the report. Likewise, hydroelectric plants, biomass and wind farms are other main sources that provide energy in the region.
Because of all this potential power still untapped by Bitcoin miners, Mellerud calls Finland “unexplored European Bitcoin mining.”
Bitcoin mining experts also noted that Finland’s large capacity to generate power from non-fossil sources could increase the attractiveness of the country’s Bitcoin miners, especially with ESG goals.
Finland’s Bitcoin mining capacity currently stands at 40 megawatts (MW), which represents roughly 0.3% of the global Bitcoin hashrate. But in the next two years, Finland’s bitcoin mining capacity could match Norway’s and exceed 300 MW, the expert said.
Bitcoin mining advantages in Finland
Finland could use Bitcoin mining to stabilize its energy grid, Mellerud said. Like the state of Texas (United States), Finland could make the industry more flexible through the networks of miners who operate the Bitcoin block.
The rapid growth of nuclear, wind and solar power capacity in Finland has resulted in demand flexibility issues. In Finland, it is not easy to control its power on a nuclear basis, since the amount of power that comes from wind and solar sources is weather dependent and volatile and unstable. This problem could be solved with Bitcoin mining.
As experts have pointed out, miners in the state of Texas help bitcoin from energy costs while providing stability and flexibility to the network. After conducting a study, Texas A&M University recognized that Bitcoin mining could be the key to stabilizing the state’s energy situation.
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