Norwegian Bitcoin Miners Moving To Sweden

It was reported by local media that Sweden’s data centers are expecting a wave of interest from miners departing from Norway, after reports that the government will annul electricity concessions. Miners will have to pay the equivalent of $0.019 per kilowatt-hour (kWh) by January 2019, an increase from about $0.0056/kWh under the current aid. Reports from Swedish data centers reveal that they have paid the equivalent of about $0.0055/kWh.

Svensson said in reference to Norway’s revoked subsidies that “it is clear that … we are becoming very attractive.” “This is about … big money … and it’s definitely going to make it cheaper here.”

To the question, if he will reach out to miners based in Norway, Svensson said: “I think the companies in Norway are contacting us, they know where we are.”

He equally emphasized on the potential benefits that increased investment from mining companies could generate to the locality, according to him, there are “a few hundred people” that are presently employed by data centers in Boden. He added: “as a result of revenue and activity in the municipality, we have started building Boden Business Park, where we will create hundreds of jobs.”

The Norwegian government’s decision to cancel subsidies has impacted quite a number of mining companies’ operations, among others, Bitmain.

“Government policy [is] push[ing] the industry out of Norway,” said Julie Hvideberg, the head of the company’s Norwegian operations. “We are a global company and can move to Sweden or Denmark, but our Norwegian partner loses a big contract.”