Nordic region, Bitcoin's green haven, is running out of surplus electricity

Clean Nordic power available for Nordic mining set to dwindle; electricity needed to mine Bitcoin surged 66-fold since 2015

The Nordic region is losing its edge in green Bitcoin mining, just as the industry faces growing scrutiny for its carbon emissions and everyone from Elon Musk to mom-and-pop investors pile in.

Iceland, Sweden and Norway have been popular mining locations because of an abundance of geothermal, hydro and wind power. China, where most coins are mined, relies mainly on coal. That Nordic power surplus is set to dwindle as aluminum smelters, oil rigs and steelmakers thirst for renewable energy.

“There could be very little excess energy in 2021 and 2022,” said Hordur Arnarson, chief executive officer at Landsvirkjun, Iceland’s national utility.