Genesis Digital Assets Limited establishes hydro-powered Bitcoin mining center in Sweden
Genesis Digital Assets Limited (GDA), a global leader in mining and data centers, has ventured into Sweden’s renewable energy realm. This move reflects the company’s commitment to leveraging abundant clean energy sources for its operations.
Setting Up in Sweden
This Nordic nation, renowned for its hydroelectric prowess, now hosts GDA’s latest venture. Also, it is strategically positioned near the Porjus Hydroelectric Power Station.
GDA’s executive president and founder, Abdumalik Mirakhmedov, emphasized the significance of this location. He stated that the center’s energy consumption will be exclusively derived from renewable hydroelectric power.
Spanning a total capacity of around 8 MW, the data center is poised to achieve a hash rate of approximately 155 PH/s. Within the premises of the Porjus data center, 1,900 Bitcoin mining machines are at work. This has further bolstered the region’s position in the global Bitcoin mining landscape.
Sweden’s Renewable Energy Powerhouse
Sweden’s energy landscape revolves around nuclear and hydropower, particularly in its northern regions. With a reputation as a global electricity powerhouse, Sweden ranked fifth in per capita electricity generation in 2021. GDA’s strategic move aligns with the trend of tapping into the Northern European Bitcoin mining scene, where renewable energy and surplus power converge.
Notably, GDA’s decision to establish a presence in Sweden highlights the allure of untapped renewable energy resources for Bitcoin mining. Hydroelectric and other clean energy sources, prevalent in regions like Sweden, offer a cost-effective solution for energy-intensive mining operations.
This trend is also gaining momentum in the United States, where Bitcoin miners play a pivotal role in stabilizing electricity grids.
Sweden’s Supportive Environment
The support for Bitcoin mining within energy companies is growing. The CEO of Sweden’s major energy producer, Vattenfall, is proactively endorsing Bitcoin mining’s utility, particularly in grid balancing. This marks a shift in perspective from skepticism to recognition of Bitcoin mining’s positive impact on the energy landscape.
Tim Carra, GDA’s Nordic head, emphasizes Sweden’s attractiveness for Bitcoin mining due to its abundant energy resources, innovation-friendly environment, and strong educational system. GDA’s diversified portfolio, including a substantial power generation facility in Texas, underscores the company’s belief in Sweden’s potential as a thriving Bitcoin mining hub.
Global Opportunities and Carbon Footprint
GDA’s expansion into Sweden is just one example of the untapped mining destinations worldwide. Spain and Portugal also offer potential opportunities due to their access to affordable energy sources.
While concerns about Bitcoin mining’s energy consumption persist, it’s essential to note that Bitcoin mining accounts for less than 0.7% of global energy consumption. Moreover, the dominance of renewable energy sources in Bitcoin mining energy mix continues to grow.
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