Northern Bitcoin, a company, working on blockchain technology uses renewable energy resources to mine bitcoins and to offer blockchain solutions. They recently announced that they had been successful in establishing a mining farm, approximately 350 meters under the ground, in Norway. This farm is located in the Lefdal Mine in Norway and claims to be the most efficient mining farm in the entire world. According to a report published by Forbes, this company is definitely one which is way less expensive, as they are supposedly mining 1 bitcoin at the rate of 2700 USD, as opposed to the average of 7,700 USD in Norway, 10,000 USD in Australia, 4,000 USD in Canada, and 3,100 USD in China and Saudi Arabia. this would mean that Northern Bitcoins will be able to mine bitcoins with a healthy profit margin.
Lefdal mine is the place where olivine, a gorgeous green gemstone used to be extracted but it was closed down ten years ago and has now been converted into a vast computer center. The company, Northern Bitcoin has future plans for extending its capacity so that it can mine up to 100 Bitcoins in a day. This would mean that Northern Bitcoins will be essentially controlling more than 5% of the bitcoin network hash rate.
The mine is situated in a cold fjord in Norway ensures that the mining operations there do not need expensive air conditioning. On top of that, it also produces enough amounts of hydroelectric and wind power.
There have been allegations that the entire exercise if mining bitcoins will be a significant cause of global warming. But Northern Bitcoins dismiss these possibilities by utilising the hydroelectric and wind energy to do so, thus making the mine 100% carbon neutral.
