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Cryptocurrency miners are moving in to Norway and Sweden to take advantage of cheap hydro-electric energy and low temperatures to power and cool their servers.
Iceland has been Europe's most popular location for miners of digital currencies such as bitcoin and ethereum.
But at 6.5 euro cents and 7.1 cents per kilowatt hours, respectively, commercial power prices in Sweden and Norway are cheaper than Iceland’s 8 cents and far below the European average of 11 cents.
The interest is good news for Sweden's Vattenfall and Norway's Statkraft, the dominant utilities in their countries. Supplying power to cryptocurrency miners is a tiny part of
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