Arctic Bitcoin mine to heat Norwegian town using excess energy

Sazmining is set to launch a new Bitcoin (CRYPTO:BTC) mining facility in a remote fishing village in northern Norway. 

The facility, spanning 350 square meters, will replace the old oil boiler in one of the town’s largest buildings, utilising excess heat generated by mining operations. 

The project is scheduled to commence on December 1 and aims to demonstrate a sustainable approach to cryptocurrency mining in a cold climate.

Kent Halliburton, CEO of Sazmining, emphasised the critical importance of heat in the region, stating, “Heat is a really critical resource in this region of the world. It’s minus 20 degrees Celsius for large portions of the year.” 

He mentioned that a portion of the heat produced by the mining equipment would also be used to dry fish, an essential component of the local economy.

The initiative is designed to showcase the potential for Bitcoin mining to offer practical benefits beyond its financial value. 

“For the locals, it’s kind of like, you need to see it to believe it,” Halliburton remarked, explaining that the project aims to demonstrate the viability of this technology in everyday applications. 

Several other businesses in the community are reportedly considering adopting similar models.

The facility will operate with a 2.6-megawatt capacity, using liquid cooling to regulate temperatures efficiently and quietly. 

Unlike conventional methods, Sazmining’s approach involves channeling coolant through the mining machines to absorb and redistribute heat within the building.

Sazmining’s operations extend beyond Norway, with additional sites in Wisconsin and Paraguay. 

The company’s model allows retail investors to purchase mining rigs and earn a share of block rewards. 

In Norway, the facility will capitalise on the country’s abundant hydropower resources, with energy costs set at $0.046 per kilowatt-hour.

Reflecting on the project’s dual purpose, Halliburton stated, “We’re using an electron to hash [mine bitcoin], but we can use that same electron to heat the place. You get two uses for the same electron.”

At the time of reporting, the Bitcoin price was $71,153.13.