World War III threatens Bitcoin mining infrastructure
The post World War III threatens Bitcoin mining infrastructure appeared on BitcoinEthereumNews.com. Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The geopolitical situation globally has deteriorated over the past several years. With Europe undergoing rearmament, there is a clear and present danger—a Third World War—to European and Eurasian Bitcoin (BTC) and crypto mining infrastructure. It is estimated that Germany alone mines 5 percent of Bitcoin’s hashrate. Norway has 2 percent of the Bitcoin hashrate. Meanwhile, 11 percent of the Bitcoin hashrate is located in Russia. These hashrates could be at risk if a full-scale war breaks out. Bitcoin and crypto infrastructure in the regions could endure targeted or collateral damage. Either way, a wider war in Europe will likely decrease mine production in the area directly or indirectly, whether from high energy costs, energy rationing, or otherwise. These operations use hydropower, wind, solar, and geothermal energy, often integrating with local grids or heating systems, making them borderline critical infrastructure. Bitcoin miners in Norway One can look to Norway to see how towns are becoming dependent on Bitcoin miners. After a local Bitcoin miner shut down, power bills increased by $300 per year for each home in one Norwegian town. The miner paid 20 percent of the area’s grid fees. When the miner left, power bills in the town skyrocketed. This example underscores the increasing role Bitcoin and crypto miners play as critical infrastructure and potential targets. In such a scenario, an enemy could see knocking miners offline as fair game in a war scenario. Bitcoin and crypto miners in Europe Bitcoin and mining infrastructure could be affected throughout the continent. Europe’s Bitcoin mines are concentrated in Norway, Sweden, Finland, Germany, Austria, and Iceland. Norway is Europe’s largest mining hub and accounts for around three percent of Bitcoin’s…
The post World War III threatens Bitcoin mining infrastructure appeared on BitcoinEthereumNews.com.
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. The geopolitical situation globally has deteriorated over the past several years. With Europe undergoing rearmament, there is a clear and present danger—a Third World War—to European and Eurasian Bitcoin (BTC) and crypto mining infrastructure. It is estimated that Germany alone mines 5 percent of Bitcoin’s hashrate. Norway has 2 percent of the Bitcoin hashrate. Meanwhile, 11 percent of the Bitcoin hashrate is located in Russia. These hashrates could be at risk if a full-scale war breaks out. Bitcoin and crypto infrastructure in the regions could endure targeted or collateral damage. Either way, a wider war in Europe will likely decrease mine production in the area directly or indirectly, whether from high energy costs, energy rationing, or otherwise. These operations use hydropower, wind, solar, and geothermal energy, often integrating with local grids or heating systems, making them borderline critical infrastructure. Bitcoin miners in Norway One can look to Norway to see how towns are becoming dependent on Bitcoin miners. After a local Bitcoin miner shut down, power bills increased by $300 per year for each home in one Norwegian town. The miner paid 20 percent of the area’s grid fees. When the miner left, power bills in the town skyrocketed. This example underscores the increasing role Bitcoin and crypto miners play as critical infrastructure and potential targets. In such a scenario, an enemy could see knocking miners offline as fair game in a war scenario. Bitcoin and crypto miners in Europe Bitcoin and mining infrastructure could be affected throughout the continent. Europe’s Bitcoin mines are concentrated in Norway, Sweden, Finland, Germany, Austria, and Iceland. Norway is Europe’s largest mining hub and accounts for around three percent of Bitcoin’s…
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