BitFury Group has opened a new data center for mining bitcoin in Norway. The government welcomed the step, promising state investment and new jobs.
“Sensation — BitFury has entered into a formal partnership agreement with Norway to open a data center for mining bitcoin in Mo I Rana! Our data center will run on renewable energy, Reaffirming our commitment to the sustainable development of bitcoin,” wrote representatives of the BitFury Group on Twitter.
According to the official statement, the company is involved in mining and offers a full range of services in the field of blockchain technology, investing nearly $274 million Norwegian kroner, equivalent to $35 million in new energy-efficient data center in the largest city in Northern Norway, Mo I Rana. It is reported that the establishment of the data center will provide at least 30 jobs for local residents.
“Norway is ideal for BitFury, given our focus on innovation and growth. We expect the development of partnerships with new clients and developing products and solutions that they require in order to make the company more secure and efficient,” said CEO Valery Vavilov.
In turn, Minister of trade and industry of Norway, thorbjørn Re Isaksen (Torbjørn Røe Isaksen) said that he is very pleased to partner with BitFury.
“Industry data centers is growing rapidly, contributing to economic growth in Norway and to create new jobs,” — said the Minister.
According to representatives of the BitFury efficiency (PUE) of new data center will not exceed the index of 1.05, which would put it on par with the most energy efficient mining operators in the world. In addition, the company will annually buy 350 GW*h one hundred percent renewable energy from a local supplier of hydropower company Helgeland Kraft, and obtaining certificates “On guarantees of origin” from local power plants confirms the use of energy from renewable sources.
Note, Norway attracts miners of cryptocurrency lower temperatures and access to renewable energy, as well as the favorable nature of the legislation in the field of taxation. These factors have already proved their effectiveness for cryptocurrency mining at a time when such business is under the scrutiny of the authorities in connection with high energy intensity.
Recently many countries are characterized by stricter requirements for mining companies. So, electricity suppliers in the state of new York recently had the opportunity to raise tariffs for cryptomanager companies in the state.
However, while this cannot be said of Norway, the Minister of industry which adheres to a completely opposite approach to working with cryptocurrency.
“It’s important for us to contribute to open more data centers in Norway. Our “green power” will help create jobs and attract investment in new technology,” said torbjørn Isaksen Re.
We will remind, the regulator of Brazil, in contrast, has imposed a ban on investment in mining activities.
At the same time, the staff of the research center of Fundstrat recently came to the conclusion that mining bitcoins is no longer profitable.