Pettersen asserts that deceptive narratives are nothing new in the media.
The most recent energy FUD around Bitcoin is noise (BTC). According to Cointelegraph, locals in the Norwegian municipality of Sortland are retaliating against the growth of Bitcoin mining. Their most current topic of conflict is the volume of proof-of-work (PoW) mining. Sortland requires bitcoin miners to work in quiet, exclusively use renewable energy sources, patronize regional businesses, and even recycle waste heat from the PoW process to dry wood and seaweed.
Kjetil Hove Pettersen, CEO of KryptoVault, continued, “It is often the critical voices that garner the most media attention; this does not reflect on all local viewpoints.
According to Pettersen, grid owners are really happy to host bitcoin miners as they assist to balance networks (as was recently proved in Texas), but he also stated that “there is a political or social penalty for being loud about it in today’s climate.” Pettersen asserts that deceptive narratives are nothing new in the media.
Because of low local demand and limited transmission capacity, Northern Norway has a considerable power surplus, according to Jaran Mellerud, an analyst at Arcane Research and a regular Cointelegraph writer. Where Sortland is located in northern Norway, energy rates are quite affordable and stranded hydropower is really plentiful.
