Australian Bitcoin Company Looks Towards Northern Norwegian Energy

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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.

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