Australian Bitcoin Company Looks Towards Northern Norwegian Energy

Australian Bitcoin Company Looks Towards Northern Norwegian Energy

  • Bitcoin
  • November 25, 2022
  • No Comment
  • 5

Power questions

What are your thoughts on using hydropower for this type of industry, such as bitcoin mining?

“When we have excess and spare power, using it is not necessarily unreasonable. However, we must discuss which type of industries are granted access to energy, with utility and future jobs in mind. I believe that we need government guidelines to regulate this type of industry. Also considering data storage which, unlike bitcoin, can be considered as a useful product that we all depend on in a digitalized society,” writes Mayor Stormo in an e-mail.

Mining the digital currency bitcoin requires as known large amounts of energy. The cryptocurrency is mined with the help of computer software which uses computing powers around the clock to solve tasks.

Power and access to power will be decisive factors in the green shift. Therefore, it is important to discuss how we use this power in the future, especially with regard to jobs and ripple effects. I am initially skeptical of this type of industry. However, if Hydrokraft switches its operations to data storage, I believe that would change,” he points out.

Stormo adds that data center storage will be important to have in Norway in the future, especially from a security and vulnerability perspective.

Source link

Related post

Ferrovial gets the I-66 in the US up and running after $3.600 B investment

Ferrovial gets the I-66 in the US up and…

Ferrovial gets US I-66 up and running Posted By: The Corner 28th November 2022 Intermoney | Ferrovial (Hold, Target Price 24…
Why is Bitcoin Crashing? 3 Reasons Why BTC is Headed Towards $10,000

Why is Bitcoin Crashing? 3 Reasons Why BTC is…

Crypto tycoon Mike Novogratz predicted in early January that 2022 will be a difficult year for cryptocurrency investors. “This will be…
Bitcoin Price and Ethereum Down 5% amid China Lockdown

Bitcoin Price and Ethereum Down 5% amid China Lockdown

The leading cryptocurrency, Bitcoin, failed to break a descending triangle pattern and fell over 3% to $16,160 amid an increased level of…

Leave a Reply

Your email address will not be published.