[Renewable Energy Bitcoin Mining Company Launches in Sweden]
Genesis Digital Assets Limited (GDA), a mining company with over 400 MW of global generation capacity, has opened a new 8 MW data center in Sweden’s Far North, taking advantage of the region’s growing renewable energy sources.
Abdumalik Mirakhmedov, CEO and founder of GDA: "Due to the proximity to hydroelectric power stations, all our electricity consumption will be powered by renewable energy." 1,900 Bitcoin mining machines are deployed at the Porjus data center and are expected to generate approximately 155 Hash rate of PH/s.
According to reports, Sweden generates almost all of its electricity from nuclear and hydroelectric power, especially in the north. Jaran Mellerud, a business developer in Norway, explains that renewable energy is also quite abundant: "Sweden is an electricity powerhouse, ranking fifth in the world in terms of electricity generation per person in 2021."
The Bitcoin mining trend in the Nordic region is gradually expanding. BT.CX founder Christian Anders pointed out that although Bitcoin mining is not common in Sweden, the Nordic region’s energy surplus, negative energy prices and difficult to distribute hydropower make mining a popular choice.
In addition, Sweden has abundant sources of clean energy and is conducive to mining. “Having abundant energy sources, an environment that supports innovation, and a strong education system make Sweden one of the best countries in the world for Bitcoin mining,” said Tim Carra, GDA’s head of Northern Europe.
GDA concentrates its power generation primarily in Texas, and the new Swedish operation adds to its global expansion strategy. Anders said there are other market opportunities besides Northern Europe, such as Spain/Portugal, where energy for solar production is cheap.
Although some have expressed concerns about the carbon footprint of Bitcoin mining, renewable energy, especially hydropower, still dominates the global Bitcoin mining energy mix. For example, Norway generates 100% of its mining energy from renewable sources, while Sweden’s new GDA facility is another Bitcoin miner using green energy.
Overall, the Nordic mining trend and green energy utilization provide new opportunities for Bitcoin mining. Anders concluded: "More and more miners are coming to the Nordic European countries to help us complete this mission. This is really Very cool.」
