There is a tendency to move large mining centers in the Scandinavian countries. Sweden and Norway attract miners with affordable hydropower tariffs and low ambient temperatures, which reduces the cost of cooling equipment. Before that, crypto-generating capacities of European companies were located mainly in Iceland, where the cost of electricity is $0.08 per kW, which is not as attractive as in Sweden ($0.065) and Norway ($0.071). Scandinavian energy suppliers believe that they are ready to provide miners with the necessary electricity in full.
At the moment, a large company from Canada HIVE Blockchain Technologies, specializing in the extraction of Ethereum, has already placed its equipment in Sweden. Representatives of the company reported that plans for the current year to increase capacity, bringing consumption from the current 17,4 MW by autumn to 26,8 MW. In Norway, the us company Bitfury is already working, which announced plans to purchase 350 GW from the local generating company Helgeland Kraft. The Chinese manufacturer of mining equipment Bitmain, which recently opened a representative office in Switzerland, is also studying the possibility of placing capacities in Norway or Sweden.