Mining is cooling in North America

As more industries require renewable energy, Bitcoin mining could fail.

Iceland, Sweden, and Norway, with their abundance of renewable energy, have all been popular locations for eco-friendly Bitcoin mining. But according to The Economic Times, that could be changing.

Due to the growing climate challenges, these countries may soon turn to the cryptocurrency industry as renewable energy is redirected to face more pressing challenges in the quest for a smaller carbon footprint.

Sweden, Norway and Iceland have abundant geothermal, hydro and wind power, which have long been considered cheap renewable energy sources for Bitcoin miners. In contrast, China's mining industry is dominated by coal.

But according to The Economic Times, renewable energy in the Nordic region will soon be redirected to oil drillers and steel manufacturers, industries that also need clean energy.

In fact, the decline in Bitcoin mining is already evident in Norway. According to data from the University of Cambridge, Norway’s global share of Bitcoin mining has fallen from less than 1% in the third quarter of 2019 to 0.48% today.