What is Bitcoin Mining?
In cryptocurrency, there is a variety of coins to be traded. One of those is bitcoin (BTC). Bitcoin enthusiasts often acquire them through mining. It is the process of producing new bitcoin by solving mathematical puzzles. More specifically, computers are equipped with specialized microchips where the puzzles are loaded. Miners are then rewarded with bitcoin once these puzzles are solved.
Since the process depends on electricity, it is harmful to the environment if the source of energy is fossil fuels. Hence, it is highly encouraged to perform bitcoin mining in countries where there are renewable energy sources to reduce its negative impact in the environment which may contribute to climate change.
Bitcoin mining in the Nordic region
The Nordic region is considered to be one of the best places to mine bitcoin. This is because they already use renewable energy sources.
In fact, the majority of the top countries for bitcoin mining are in this region. Further, there are no current restrictions or bans on cryptocurrency mining. Hence, a “Bitcoin’s green haven” indeed.
Now, let us introduce to you a company from the Nordic region which brings together several institutions to provide payments innovation – NextGen Nordics. Their program includes central and banking communities, and both public and private trading beneficiaries to technologically improve payment systems in the Nordic region.
They planned to have a conference on the 27th of April of the current year and you may register through this link.
In line with this, let us give you some top news from the region.
- Sweden’s Green BTC Industry
Having been supporting the green movement, Sweden expanded its crypto industry to be on the same track. A Swedish company, Genesis Digital Assets just publicized that it will launch its newest bitcoin mining system in 2024. The private industrial-scale bitcoin miner claimed that the new mining process is self-hosted and is expected to have a 100-megawatt of power capacity. Further, the power to be used will come from 100 percent clean energy resources. Statistically, 54.5 percent is from hydroelectricity, 42.8 from nuclear, and 2.7 from wind energy. You may read more from here.
- Denmark’s Neobank Lunar
Neobanks are financial technology companies that provide internet-only financial services. They usually lack physical branches which traditional fintech companies have.
One of the neobanks in Denmark is Lunar. They claimed to offer the country’s lowest priced business account which has an all-in functionality.
Now, this bank increased its capital by up to EUR 70 million while preparing for the roll out of its new trading system and Business-to-Business payment solutions. The whole financing process is an addition to the bank’s EUR 210 million fund in 2021. Lunar, now, has gained a total of EUR 345 million and reached almost EUR 2 billion in valuation.
As per their Chief Executive Officer, Ken Villium, the garnered funds will empower them to keep up the pace in their expansion in the Nordic region.
In detail, they even started a new Nordic platform for crypto at the beginning of 2022 which made their business partners accept and trace card payments through the web. This new offer will allow their users to exchange and liquidate crypto coins like ETH, ADA, DOT, and DOGE via Lunar app.
They are also expecting to have mergers and acquisitions ventures for their Nordic customers.
- Visa’s acquisition of Tink
On the 10th of March 2022, the multinational financial company, Visa, announced that they have already acquired Tink.
The acquired company is a European open banking institution that enables financial firms, financial technologies, and traders to create financial goods and services, and transfer money.
Before its acquisition, Tink is already working with over 3400 banks and other financial firms in Europe. Now that the acquisition has been completed, it is expected for the users to deliver significant benefits in controlling their financial experiences which include management of their money, data, and goals.
According to Visa Europe’s Chief Executive Officer, Charlotte Hogg, as virtual instruments are now the new heart of the economy, this acquisition will greatly empower financial systems as it will bring forth a better choice and quality for the clients.
On the other hand, Tink’s Chief Executive Officer and cofounder emphasized that Visa would provide them with an increased connection to another 15000 financial companies, and they could also make use of Visa’s reputable image to further improve the financial sector in Europe, and even across the globe.
Though Tink has already been acquired, it will still operate independently in the near future having its current management continue with the organization’s leadership.
Check this link for more information.
- Cardlay’s capital increased by USD 6 million
A Danish fintech company, Cardlay, has just secured an investment worth USD 6M or DKK 40M. In context, Cardlay offers financial solutions to enable and serve banking and other financial institutions. They intend to provide an easy spending process through their advanced and smart commercial payments system.
Cardlay received its fund from the existing investors they have and is planning to allocate it in further developing their commercial payments solutions, connect with another international bank, and serve an order for a German client.
Further, the financial company also publicized that it would appoint its new Information Technology director, which is Morten Christensen, a previous employee of BankData and Energinet, and the recipient of 2019 European Chief Information Officer of the Year.
- Pleo’s new CPO
Another Danish company which specializes in smart cards and automated expense reports, Pleo, welcomes it new Chief People Officer (CPO) – Mette Hindborg Gade.
Before joining her new company, Mette worked at McKinsey and Company as an Associate Partner. She has a background in engineering and a professional in leadership and problem solving. Gade has also been working with Pleo to help build, start, launch the smart company’s new process unit.
This innovation will allow the company to move into fifteen more markets, recruit more than 500 employees across the globe, and improve career growth and inclusion for its current employees, all before 2023 starts.