Recent research on crypto mining activities in Scandinavia has pointed to the considerable proportion of Bitcoin mining taking place in Norway.
The article from Arcane research refers to data gotten from the Cambridge Bitcoin mining metrics revealing the contribution of Norway to Bitcoin’s hash rate, which is at 0/58%.
Considering the size of Norway, the Nordic country has contributed significantly to Bitcoin mining. A research report from CoinShares added that the Bitcoin mining sector in Norway consumes 66 M.W. of energy.
Regardless of its size, this does not surprise many, as Norway has long been viewed as one of the top players in global Bitcoin mining activities. The good news is that the government has officially recognized Bitcoin in Norway, which has fully backed the country’s adoption of the leading cryptocurrency.
In a recent poll conducted by Arcane Research, cryptocurrency adoption among the people of Norway jumped from 3% last year to 6% this year. On the other hand, the males have embraced crypto more than the females of Norway, which doubled to 14% from 6%.
Global Bitcoin Mining on the Increase
Despite having favorable conditions to promote Bitcoin mining, Norway accounts for just a fraction of the global Bitcoin mining activities. According to last year’s data, the United States occupies first place with the highest Bitcoin mining hash rate globally at 35.4%.
Considering the population of the U.S., this is not the least bit surprising to many people. Followed closely is Kazakhstan with 18.1% and Russia with 11.23% each.
However, recent developments in the industry have contributed to the global adoption of Bitcoin mining. The most debatable topic has been the energy demand associated with Bitcoin mining. The energy-intensive nature of Bitcoin mining has led to agitation in some places calling for the outright ban of Bitcoin mining.
In response to the constant calls, the E.U. Parliament’s Economic and Monetary Affairs Committee declined the request but instead decided to formulate new regulations to oversee the crypto industry.
Russia’s Crypto Adoption
Following its decision to invade Ukraine in mid-February this year, Russia has been slammed with heavy sanctions from most of the E.U. member countries, placing a financial embargo on the country.
As a result, Russia has to fully decide whether to adopt cryptocurrency to sidestep the financial sanctions. Still, evidence points to Russia doing just that, as can be seen by the support given to retail Bitcoin mining by the director of Russia’s finance ministry.
It is worth noting that industrial mining of Bitcoin has been legal and active for some time in Russia, even before the sanctions, as companies are registered and paying taxes to the Russian government. And mining has reportedly been increasing following the ban on international financial transactions placed on Russia.
Global Bitcoin mining is increasing as companies and, in some cases, countries are actively engaging in it and providing a conducive environment for retail or individual mining activities.