The Northern Bitcoin company descended 350 meters underground to record-breakingly reduce the cost of Bitcoin mining and refute the theory of a global environmental disaster that cryptocurrency mining will lead to.
The German company Northern Bitcoin is actively preparing to launch its mining pool, thanks to the use of renewable energy sources to mine the crypto asset. They recently announced the creation of an underground mining farm in Norway, located in the Lefdal mine. The company is confident that this is the most efficient mining farm on a global scale.
By using exclusively natural resources, the company has significantly reduced energy costs for cryptocurrency mining. The location of the Lefdal adit allows the ice water of the fjord to be used as a cheap cooling system for computing equipment, as well as completely renewable hydroelectric and wind power.
Northern Bitcoin plans to mine Bitcoin at a cost of only $2,700 per coin. This figure is even lower than in China and Saudi Arabia, where the cost is $3,100. At the same time, the average cost of mining HTC in Norway is $7,700, in Canada - $4,000, and in Australia - $10,000.
Against the background of these figures, the cost declared by the company will allow it to conduct a profitable business, unlike many mining giants suffering from sky-high electricity prices and market volatility. At today's market value of $6,300, mining the crypto asset at a cost of $7,700 appears to have little profitability.
The Lefdal Mine is where olivine, a magnificent green gemstone, was mined, but the adit was closed a decade ago and has now been converted into a data processing center supplied by tech giant IBM. The company, Northern Bitcoin has future plans to increase its capacity to mine up to 100 bitcoins per day. If these plans come true, Northern Bitcoin will be able to control more than 5% of the bitcoin network hash. In the meantime, the company has completely focused its power on mining Bitcoin Cash.
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