Bitcoin mining decentralization: Swedish and Norwegian mining farms are rapidly emerging

The Bitcoin mining market is in the midst of a major transformation .

Philip Salter, head of operations at Genesis Mining, recently told Bloomberg that traditional miners are moving from China to the Nordic countries, namely Sweden and Norway, which he described as “one of the biggest developments” in the emerging industry:
These Western countries are safer and more stable than China, which currently dominates the global hash rate arms race.

As Bitcoin investors become more public and want more stability and critical security, there has been a very important strategic shift in mining away from China and towards Western countries such as Norway and Sweden.

He added that profitability at the company’s data center in Boden, Sweden, has more than tripled, thanks to historically rainy and wet weather and the ongoing Bitcoin rally:

We once had no profit at all, but in the past year we have more than tripled our profitability.

The story of “Bitcoin belongs to the Chinese”

Bitcoin has long been viewed by critics as “Chinese digital currency.”
As USA Today reports, Chris Larsen, the former founder of Ripple, penned an op-ed alleging that the country’s authoritarianism could eventually “block or reverse” transactions on the Bitcoin blockchain:

At least 65% of cryptocurrency mining is concentrated in China, meaning the government has the majority needed to exert control over these protocols and can effectively block or reverse transactions.

The XRP-affiliated company failed in its last-ditch effort to avoid a recent SEC lawsuit, deeming both Bitcoin and Ethereum as Chinese-controlled cryptocurrencies in a letter to the regulator. These unfounded claims drew strong condemnation and criticism from members of the two largest communities.

However, China has been gradually losing its dominance in the industry by constantly creating obstacles for miners.
Last month, it was reported that miners were struggling to pay their electricity bills after a massive card freeze left them unable to exchange bitcoin for yuan. Cryptocurrency trading has been banned in the country since September 2017.

A mine backed by green energy

As climate change becomes a pressing political issue, electricity-hungry Bitcoin mining has raised concerns about its carbon footprint. In October, the New York Department of Financial Services (NYDFS) urged cryptocurrency companies to consider related energy risks.
Considering that countries like Norway rely primarily on green energy, the ongoing shift will significantly reduce the CO2 emissions associated with Bitcoin mining.