Why Finland Could be Europe’s Next Crypto Mining Giant

cryptonews.com:

Finland is emerging fast as an attractive place for crypto mining due to its relatively cool climate, which helps with cooling mining rigs, and its abundant renewable energy sources.

Additionally, Finland has a stable political and economic environment, which can be beneficial for long-term investments like crypto mining operations. However, factors such as electricity costs, regulatory environment, and infrastructure availability should also be considered and taken into consideration.

Miners in Finland see the country as an attractive location due to the unique situation of near-zero energy costs during periods of overproduction has attracted the bitcoin mining industry to the Nordic region, Lennu Keinänen co-founder of Once Mining, a crypto mining firm based in Finland told Cryptonews.com.

Finland remains Europe’s most unexplored Bitcoin mining frontier in Scandinavia although over the years its Nordic neighbours Norway, and Sweden have been seen as more desirable locations. Many crypto miners headed to the region to seek refuge from rising electricity prices in 2022.

In 2023, electricity prices in Finland fell below zero due to surging hydropower, nuclear energy, solar, and wind. That year the Nordic nation witnessed its first monthly power surplus in almost 20 years. Analysts forecast that 25 TWh of renewable energy will be built in Finland by 2030, which will push down prices further, according to a report by European energy markets newswire Montel News.

Low energy prices are crucial for crypto miners because mining cryptocurrencies requires a significant amount of electricity. The lower the cost of electricity, the higher the profit margins for miners, as it reduces the operational expenses associated with running