Bitcoin

Hydro

Bitcoin mining in Finland faces a profitability crisis, as an unexpected shutdown of the 1.6-GW Olkiluoto 3 nuclear plant spikes power prices. On November 19th, the Finnish spot power price soared, influenced by this shutdown. S&amp;P Global Commodity Insights indicates that, on November 21st, the Finnish day-ahead power price settled at an unprecedented Eur287.87/MWh, peaking at Eur777/MWh during certain hours, according to <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/112223-bitcoin-mining-profitability-in-the-nordics-flip-to-negative-nov-21" rel="noopener noreferrer nofollow">spglobal</a>.
<a href="https://ultramining.com/news/en/russias-bitcoin-gold-rush-mining-machine-influx-outpaces-rest-of-the-world/" rel="noopener noreferrer nofollow">Bitcoin miners</a> in Sweden and Norway are also struggling. The regions SE1 and NO4 saw profitability plummet due to colder weather, higher power demand, and decreased wind and hydro power generation. Nordic wind power <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">production</a> is faltering, and forecasts predict below-average precipitation and temperatures dropping 5 degrees below normal around November 25-26.
Hydro reservoir levels in Norway, Sweden, and Finland are down, dropping to 75.5% in week 46, from 78.5%. This impacts the Nordic power market and the feasibility of bitcoin mining. Conversely, Spain's wind power generation, covering 50% of the load factor, has led to a significant drop in their power prices. Meanwhile, wind power is expected to surge in Germany and France in the coming days.
The global Bitcoin Energy Consumption Index hit 386.85 MWh on November 21, while the network's <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> reached a new high. These developments reflect the volatile nature of the energy market and its direct impact on cryptocurrency mining operations.

Bitcoin Mining Woes in the Nordics: Power Price Surge Dents Profitability

Ultramining_Eng

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