Tag: Norway

Bitdeer Reports Robust Operational Performance for October 2023

by Blockchain News

Singapore-based Bitdeer Technologies Group (NASDAQ: BTDR), a global frontrunner in the cryptocurrency mining industry, has released its unaudited operational metrics for October 2023, showcasing sustained robust performance and strategic advancements. Throughout the month of October, both the hash rate and the electrical capacity remained stable, which was praised by the CEO Linghui Kong. He brought out the fact that the Gedu Datacenter in Bhutan had contributed 3.3EH/s to the overall hash rate as well as 211 Bitcoins, which accounted for more than half of the entire Bitcoin production for the month. The ongoing construction of the Tydal Datacenter in Norway, which is anticipated to be completed in the year 2025, serves as an instance of the company’s devotion to the advancement of technology as well as the rise in shareholder value.

Bitdeer is a firm that operates in three key business areas, including self-mining for the goal of directly acquiring bitcoin, hash rate sharing including cloud hash rate plans, and complete hosting services for the maintenance of mining rigs. These three business sectors are all part of Bitdeer’s overall operations.

The most significant operational figures for the month of October 2023 indicated an unchanged total hash rate of 21.2 EH/s, with 221,000 mining machines under administration and an aggregate electrical capacity of 895MW across six datacenters. Despite the fact that Bitcoin mining slowed down somewhat from September to October, year-over-year production of the cryptocurrency increased by a significant 173.4%.

On the infrastructure front, Bitdeer is advancing its 175MW immersion cooling datacenter in Norway and will be actively participating in upcoming industry conferences, reinforcing its position in the digital assets landscape​​.

The fact that Bitdeer has operating presences in a variety of nations, including the United States of America, Norway, and Bhutan, is evidence of the company’s commitment to provide all-encompassing solutions for the mining of digital assets. Bitdeer is responsible for handling all aspects of the mining process, from procurement to day-to-day operations.

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BIS Launches Project Icebreaker with Central Banks to Explore CBDC

by Blockchain News

The Bank for International Settlements (BIS) has rolled out Project Icebreaker together with the central banks of Sweden, Norway, and Israel to see how CBDCs can be utilized for international remittance and retail payments.

Per the announcement:

“Project Icebreaker is a collaboration between the Bank of Israel, Central Bank of Norway, Sveriges Riksbank and BIS Innovation Hub Nordic Centre to develop a “hub” to which participating central banks will connect their domestic proof-of-concept CBDC systems.”

Since cross-border payments are accustomed to insufficient transparency, limited access, low speeds, and high costs, Project Icebreaker seeks to explore how central bank digital currencies (CBDCs) can bridge the gap.

Ideally, it will scrutinize the technological feasibility and specific key functions of interjoining various domestic CBDC networks. 

The project’s final report is scheduled for the first quarter of 2023, given that it will run till the end of the year.

Andrew Abir, the Bank of Israel Deputy Governor, noted:

“The results of the project will be very important in guiding our future work on the digital shekel.”

He added:

“Efficient and accessible cross border payments are of extreme importance for a small and open economy like Israel and this was identified as one of the main motivations for a potential issuance of a digital shekel.” 

According to a survey by Ripple, CBDCs have triggered overwhelming consensus among global finance leaders.

The study disclosed that more than 70% of them were certain that CBDCs would spur financial inclusion, Blockchain.News reported. 

Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system. This is because CBDCs are digital assets pegged to real-world assets and backed by the central banks.

In May, 90% of apex banks have shown intentions of rolling out Central Bank Digital Currencies (CBDCs), according to a study by the Bank for International Settlements (BIS). More than 110 countries are currently at one stage or another of the CBDC development process, and many more are poised to join the trend. 

-With assistance with Annie Li-

 

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10% of Norwegian Adults Own Crypto, Double the Rate in 2018

by Blockchain News

Crypto ownership in Norwegian soil has been trending, because 10% of the adult population, representing 420,000 Norwegians, own cryptocurrencies, according to a study by Arcane Research and Ernst & Young (EY).

The latest figure is double the numbers recorded in 2018 because approximately 210,000 Norwegians owned crypto at that time. 

Source: Arcane Research, EY

The growth rate is even higher in the last three years because more than 255,000 Norwegians have joined the crypto space since 2019.

Therefore, the crypto ownership rate in the country has doubled from 5% to 10% since 2018. 

Source: Arcane Research, EY

In partnership with Norstat, a leading data collector for market research in Northern Europe, the online study surveyed 1,000 Norwegians aged 15 and above. Per the report:

“Younger adults are far more inclined to own crypto than older adults, with 19% of all participants aged 15 to 39 stating that they own crypto compared to 4% of those aged 40 or more.”

Female crypto ownership doubles 

After three years of stagnation, Norwegian female crypto investors have found the right footing because their ownership rate has doubled from 3% to 6% this year. 

Source: Arcane Research, EY

The survey noted that 63% of all female respondents disclosed that they purchased crypto for the first time either in 2021 or 2022.

Women are not being left out of the crypto space. More Turkish women were investing and trading cryptocurrencies as their crypto curiosity topped that of men, according to a recent survey by crypto exchange KuCoin. 

On the other hand, the analysis was undertaken by Arcane Research and EY indicated that 14% of all Norwegian adult men own crypto, up by 3% from 2021.

Moreover, Bitcoin is the most popular crypto in Norway. The study noted:

“Two-thirds of all Norwegian crypto investors own bitcoin. Ethereum is the second-most popular cryptocurrency, while XRP and ADA follow in third and fourth.”

Meanwhile, almost 67% of residents in the United Arab Emirates (UAE) have shown interest in crypto investments, Blockchain.News reported. 

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Sustainable Bitcoin miner uses waste heat to dry wood

by Cointelegraph

Norway is a bastion for renewable energy management in Europe. As much as 99% of Norway’s energy derives from hydropower while the grid often enjoys a green energy surplus. 

But for Norway’s largest data center and Bitcoin (BTC) miner, Kryptovault, using regenerative hydropower to attempt to solve valid Bitcoin blocks was not enough.

At the Hønefoss Bitcoin mining operation, which employees have aptly named “the Cathedral” due to its vast and cavernous expanse, the hot air generated by Bitcoin mining rigs is recycled and used to dry out chopped logs.

Kjetil Hove Pettersen, CEO of Kryptovault, told Cointelegraph that Norway is an “ideal location for mining” and that alongside the log-drying operation, seaweed drying operations will kick off in the first half of 2022.

According to Pettersen, Norway has a lot of “trapped” energy, pointing out to a much higher production compared to consumption as well as a limited capacity to transfer the excess energy:

“This translates to very low energy prices and we can ‘rescue’ that trapped energy rather than letting it go to waste.”

It would appear that the withdrawal of electricity subsidies from Bitcoin mining farms in 2018 has not affected the Scandinavian country’s status as a sought-after destination to mine cryptocurrency.

The Guardian newspaper, which typically asserts Bitcoin mining energy-FUD, flipped the narrative while reporting on Kryptovault’s operation. Their article considered “can Bitcoin be sustainable?”

Svein Bjerke, General Manager at the timber company that receives the dry logs, answers that question. In a video, Bjerke says that drying wood with waste heat from Bitcoin mining is the “most environmentally friendly way to do this.”

Moreover, the secondary benefits of Bitcoin mining branch out to more than the environment. Over time, Hønefoss grid customers are actually better off due to the presence of Kryptovault’s energy-hungry process.

Grid fees–like trees–are hacked down year after year because the local area’s total energy consumption increases. The more energy is used, the more prices come down over the long term. The company estimates that circa 2 million Euros is saved due to “Kryptovault’s existence in our grid.”

Nonetheless, the route to mining 100% green and renewable Bitcoin has not been easy. Numerous challenges face miners in Norway, including:

“Project and engineering perspectives to financial challenges, involving banks, tax and regulatory compliance. Just the step of setting up a bank account when working in this industry can be a large challenge today.”

Related: EU securities regulator calls for proof-of-work crypto mining ban

Unphased, these hiccoughs are unlikely to hinder Kryptovault’s vision to transform clean energy into Satoshis. Pettersen says he “can’t think of any better industrial use-cases than what we are doing.”

When asked by Cointelegraph if Kryptovault would consider mining other cryptocurrencies in the future, Pettersen jokes, “for us, Bitcoin is the name of the game.”