Kryptovault AS is moving beyond the Arctic Circle to reduce energy costs
Norway has always been one of the fastest growing countries, rapidly adopting the latest technologies and practices. This trend is also true for the crypto sphere. Not only Norway itself, but the rest of the global community recognizes that the country has become a center of cryptocurrency mining in recent years. "Green policy", which is actively pursued by Norway, has become one of the main reasons for leadership in this area. Various sources point out that almost all of the country's production (namely 98%) comes from renewable sources.
However, electricity prices are quite high, so production is looking for different ways to optimize its costs. For instance, the management of Kryptovault AS noted that electricity prices are lower in the northern part of Norway.
The head of the company, Kjetil Hove Pettersen, is optimistic about the prospects for the move. He estimates that electricity prices in the southern part of Norway are 160 times higher than in the north. Thus, the move to the north will significantly reduce the company's energy costs.
Moreover, Kryptovault AS also actively supports the country's "green" policy and is engaged in Bitcoin homemaking almost entirely with renewable energy. In the northern part of Norway, namely closer to the Arctic Circle, a large number of water sources can also be used to optimize the cost of hydropower.
It is worth noting that such a move also has its disadvantages. Kryptovault AS will incur large financial expenses, for example for the transportation of equipment. Maybe it is easier to buy crypto with a credit card instead of mining? :)
Thus, the decision to relocate Kryptovault AS is a strategic decision that initially carries financial risks, but in the future, it can significantly optimize the company's expenses and open additional sources of income.
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