Energy-intensive crypto mining is an example of a type of business not wanted in Norway, Minister for Energy Terje Aasland reportedly said.
Bitpanda crypto exchange gets license in Norway amid European expansion bid
Bitpanda already holds a license in Austria, Germany, France, Czechia and Sweden.
Renewable energy Bitcoin mining company powers up in Sweden
Bitcoin mining lands another green energy data center as global powerhouse GDA sets up shop in Sweden.
Honk if you love Bitcoin! Lightning takes the wheel of a European rally car adventure
With a comically loud horn, a candy machine and a jukebox filled with Mozart, metal and more, it’s the “Bitcoin Ambassadors” rally car adventure.
Norway could go its own way on crypto asset regulation, central bank suggests
International regulation may be too slow and may represent interests that are not in line with Norway’s, Norges Bank suggests in an annual report.
Norway Should Consider a National Strategy for Crypto Regulation: Norges Bank Report
The bank says lawmakers should take advantage of existing regulations that cater to systemic risk and enforcement action for example, as well as stresses the need for crypto specific ones.
CBDCs could provide smooth cross-border payments, says Bank of Israel official
Yoav Soffer, the advisor to the deputy governor and CBDC project manager, spoke at Tel Aviv FinTech Week, explaining how a recent CBDC experiment proved efficient in cross-border transactions.
BIS Says ‘Hub and Spoke’ Cross-Border Transfers Offer Benefits for Retail CBDC
The model explored in Project Icebreaker would offer retail users the best foreign-exchange rates and faster transactions while allowing central banks to keep almost total control of their currencies.
Norwegian police recover $5.9M stolen from Axie Infinity Ronin hack
The seized funds will be used to reimburse affected users, and prevent it from funding North Korea’s nuclear weapons program.
Norwegian Authorities Seize $5.9M From Crypto Game Axie Infinity Hack
The National Authority for Investigation and Prosecution of Economic and Environmental Crime – known in Norwegian as Økokrim – said it is the biggest crypto seizure ever made by the country’s police.
Going cashless: Norway’s digital currency project raises privacy questions
At this point, the test network for the Norwegian CBDC uses not the public Ethereum ecosystem, but a private version of the enterprise blockchain Hyperledger Besu.
Australian firm raises $28M to expand Bitcoin mining capabilities
The Sydney-based Arkon Energy secured $28 million in a recent funding round to expand its renewable energy Bitcoin mining operations despite the volatile market.
The state of crypto in Northern Europe: Hostile Scandinavia and vibrant Baltics
The Nordics remain a cold place for crypto, but Estonia still leads as the public blockchain adopter.
It’s legislation season in the EU: Law Decoded, Oct. 3–10
In one week, the EU institutions voted in favor of a crypto-friendly resolution and promoted MiCA to the next stage.
Norway’s government proposes eliminating reduced electricity tax for Bitcoin miners
“We are in a completely different situation in the power market now than when the reduced rate for data centers was introduced in 2016,” said Norway’s finance minister.
Norwegian town wants ‘noisy’ Bitcoin miners out, experts respond
A municipality in Norway is using all means necessary to avoid “energy-sucking” Bitcoin miners establishing further operations, citing noise complaints and energy concerns.
Norwegian central bank uses Ethereum to build national digital currency
The prototype infrastructure for Norway’s central bank digital currency is based on Ethereum, the Norges Bank officially stated.
Tether is ‘instrument of freedom’ and ‘Bitcoin onramp,’ says Bitfinex CTO
Paolo Ardoino, chief technology officer of Bitfinex and Tether, made the case that Tether is a tool for human rights during the World Economic Forum in Davos, Switzerland.
Mr. Wonderful-Backed Green Bitcoin Mining Venture To Build $500M HQ In N. Dakota
Who’s putting his money where his mouth is? Mr. Wonderful AKA Kevin O’Leary is. As one of the main proponents of the industry’s need for green bitcoin mining, Mr. Wonderful invested in Bitzero. And now they’re announcing that the company will build its North American headquarters in North Dakota. Why is this news? Because of the things they’ll do with the heat that the data center will produce.
Heat is an unintended byproduct of bitcoin mining, and Bitzero Blockchain Inc. plans to use it to fuel the region’s food production throughout the year. The company will partner with MHA Nation’s greenhouse project to accomplish it. And they’ll use North Dakota’s abundant green energy resources to mine the bitcoin without even touching carbon. Mr. Wonderful is presenting us with a win-win situation right here.
In a governmental press release, Hidatsa and Arikara (MHA) Nation Chairman Mark Fox said, “Bitzero is working with us to use our Western Area Power Administration hydroelectric power to reflect the company’s zero carbon mandate. The additional heat produced from the data center facility will be used for our MHA Nation’s Greenhouse Project currently under construction.”
Excited to announce that North Dakota emerged as the logical choice for @bitzerodotcom's headquarters due to alignment on the state’s goal of being carbon neutral by 2030, a robust energy industry, favorable tax and regulatory environment and access to top-tier talent. 1/ pic.twitter.com/GylnM1aNaO
— Gov. Doug Burgum (@DougBurgum) June 1, 2022
Out of the $500M for the North American HQ, the company already raised $100M. At one point over the next two months, Bitzero will host an IPO in Canada to get the rest. The green bitcoin mining company is originally from Namsskogan, Norway, where their data centers already work with hydroelectric power. That means, their operations run on 100% renewable energy. Using the heat for food production is a benefit on top of that.
What Does Mr. Wonderful Have To Say About The Situation?
The plan was to announce the North American headquarters before the IPO, and Bitzero delivered. In what seems like a private event with entrepreneurs, politicians, and media, the North Dakota part of the venture came to life. Local radio station KVRR provides video and quotes Mr. Wonderful saying:
“Data is the new oil. This state has plenty of energy. Now, it has an opportunity to convert some of it and diversify into what every single sovereign wants. The value of having your data on your own soil. In a stable place because it’s the records of people, it’s the banking system. It’s all of the information that every single sector of the economy needs.”
For his part, Governor Doug Burgum said in a tweet, “excited to announce that North Dakota emerged as the logical choice for Bitzero’s headquarters due to alignment on the state’s goal of being carbon neutral by 2030, a robust energy industry, favorable tax and regulatory environment and access to top-tier talent.”
BTC price chart for 06/03/2022 on Cexio | Source: BTC/USD on TradingView.com
Other Projects in North Dakota
In the middle of April, just a couple of months ago, the government of North Dakota announced a visit by Mr. Wonderful and Bitzero CEO Akbar Shamji. The purpose of the visit was “to evaluate potential Bitcoin mining investment opportunities” in the state. Apparently, things went well.
There's so much opportunity in Bitcoin mining using 100% sustainable green energy like wind, solar, nuclear and hydro.
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) May 10, 2022
At the time, they announced two more things. First, “the bitcoin mining company has plans to build out 200 megawatts (MW) of power in data centers over the next two years.” So, this is just starting. Second, “in addition to the data centers, the company also plans to develop an assembly and distribution hub for graphene batteries technology.” So, there’s more coming.
“There’s so much opportunity in Bitcoin mining using 100% sustainable green energy like wind, solar, nuclear and hydro,” Mr. Wonderful said recently in a tweet. Plus, in a Cointelegraph interview, Mr. Wonderful said, “Private capital must be compliant with environmental, social and governance factors. ESG was once a marketing term, but now it’s a real thing.”
Even though not everyone in the bitcoin space agrees with him, it’s commendable that Mr. Wonderful is not just talking. He’s betting on a green future for bitcoin, and apparently, he’s betting big.
Featured Image by Tim Mossholder on Unsplash | Charts by TradingView
Bitcoin mining in Norway gets the green light as the proposed ban rejected
The proposal to ban Bitcoin mining in Norway was rejected in a vote by the Norwegian Parliament on May 10.