Published On: Fri, Apr 13th, 2018

Cryptocurrency Miners Flocking to Nordic Countries

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In a recent cryptocurrency trend, miners have been trying to find ways to maintain profitable mining operations. One such method is to move their operations to countries with lower electricity costs, such as Norway and Sweden. 
Mining is the essential action required for blockchains to stay secure and decentralized. As a miner, you need computing power and copious amounts of electricity, which doesn’t come cheap.
Some analysts estimate that the energy cost to mine a singular Bitcoin can range from $531 (Venezuela) all the way up to $26,170 (South Korea). So how does this equate on a worldwide level? Digiconimist estimates that Bitcoin miners will consume over 125 TerraWatt hours of power by the end of 2018, which is an insane amount of electricity. 

Despite this, many entrepreneurs and cryptocurrency enthusiasts have continually turned to mining as a way to gain a profit. This proved successful in the past, but as of late, miners have found it much harder to preserve and maintain profitable mining margins in this cryptocurrency downturn. Increased costs and difficulty have been just a few factors which have slowed the profits of many miners.
Greener Pastures
A common trend has been for cryptocurrency miners, …

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