Good Morning Everyone,
Alex Gladstein shared a great thread after visiting a mining facility in Norway. The KryptoVault facility is located in Hønesfoss, which is about an hours drive from Oslo.
The facility harnesses the power of running water (hydro) to generate electricity to power the bitcoin miners, and secure the network. Making the electricity generation almost free, beyond the setup and facility maintenance costs of course.
According to the companies website:
“In Norway, we have 100% renewable energy. In fact, Norway has the greenest and cleanest electricity in the world with 95% hydropower and 5% wind power.”
It really is incredible when you consider that these machines are being powered by running water, and the incredible network incentives of this open global protocol have been the invisible force to motivate humans to access this energy, which not only is creating a business of the future and jobs for some locals but it is also powering a completely public, open-source and borderless global monetary network for the entire planet.
The other thing that is unique to this mining facility is the way they are trying to integrate and support their local community.
One of the largest parts of running a mining facility is heat management and cooling systems. At this facility they have developed a completely novel solution to support the sustainable forestry industry by utilizing the heat generated to dry timber.
With the help of bitcoin miners, what often takes 2-3 months in the Norwegian summer sun, takes as little as 4 days.
This is just one small, yet significant example, of a new and novel innovation that many of us believe this industry is going to usher in, and as discussed in yesterdays letter, in alignment with the laws of nature, and in a completely decentralized, and bottom-up way.
No government or governing body had to create any rules or regulations to force KryptoVault to access this energy, or to leverage it in this way. It is entirely by design. As a direct result of the incentives of the network. They are financially incentivized to do so, and it is to the direct benefit of both their local community and also the bitcoin network.
The bitcoin network is in the early stages of ushering in an energy renaissance, and is going to dematerialize energy and support an abundant energy future for human civilization like nothing we have ever seen before, and at the same time supporting the most sophisticated monetary network in human history. This is just the beginning.
It’s impossible to be anything other than wildly optimistic about the future with developments like this taking place
Hope you have a great day, and i’ll talk to everyone tomorrow.
AK
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