Historically, Finland has lagged behind its neighbors like Norway, Sweden, and Iceland in Bitcoin mining.
These countries have capitalized on their abundant hydropower resources, attracting a substantial portion of the region’s mining activities.
Finland: Europe’s New Bitcoin Mining Hub
In contrast, Finland’s relatively higher electricity costs have kept its mining capacity limited to just 40 MW. It contributes a mere 0.3% to Bitcoin’s global hashrate. However, the landscape is changing. While traditional Nordic mining hubs face growth limitations, Finland presents a vast, largely untapped potential for expansion.
With only a nascent industry currently, Finland’s bitcoin mining capacity could surge to match Norway’s 300 MW within the next two years. This growth is supported by Finland’s robust energy sector, predominantly fueled by non-fossil sources—89% to be exact. The backbone of this energy mix is nuclear power, which provided 35% of the electricity in 2022.
Moreover, the recent launch of the Olkiluoto III reactor, the largest in Europe, boosts Finland’s nuclear share to 55%, second only to France globally. You can see the complete review of this analysis here:
Finnish #bitcoin miners are uniquely positioned to become world leaders in heat recovery by integrating mining into the country's vast district heating network.
Learn more in this article I wrote 🇫🇮https://t.co/yPtAD780e8
— Jaran Mellerud 🟧⛏️ (@JMellerud) April 11, 2024
Finnish pragmatism in energy policy contrasts sharply with much of Europe’s stance on nuclear power. While countries like Germany have moved away from nuclear energy, Finland has doubled down, enhancing its capacity significantly. This bold move places Finland in a strong position, with the Olkiluoto III reactor expected to generate 12.6 TWh annually.
More About Bitcoin Mining in Finland
The expansion doesn’t stop at nuclear. Finland is rapidly expanding its wind power, aiming to more than double its capacity on the western coast by 2028. This secures a sustainable energy future and makes Finland a more attractive site for cost-effective Bitcoin mining.
We have a #bitcoin mining heat reuse project coming up in Finland where we will help heat a Finnish town.
DM me if you want to host with us and help keep the Finns warm 🇫🇮
— Jaran Mellerud 🟧⛏️ (@JMellerud) April 11, 2024
Moreover, Finnish bitcoin miners are set to play a crucial role in the country’s energy strategy. By integrating their operations with Finland’s extensive district heating systems, miners can supply waste heat, thus aiding in the decarbonization of heating services and reducing reliance on imported fuels.
This not only provides miners with an additional revenue stream but also improves their political and public standing, making it difficult for regulators to oppose the industry.
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