At one hand where countries are coming up by charging miners higher rates of electricity and making the profit over lesser margins, Norway is bringing Bitfury to establishing a multimillion-dollar bitcoin mining datacenter.
Bitfury is a U.S.-based full-service blockchain company that was established back in 2011. The company has now announced that it will be creating a massive bitcoin mining datacenter in Norway. The new bitcoin facility has an estimated worth 274 million NOK ($35 million).
The bitfury mining datacenter is believed to create at least 30 jobs for residents and the facility will be powered by hundred percent renewable energy, with a power usage effectiveness (PUE) of 1.05 or less. The firm will also be purchasing approximately 350 GWh (Gigawatt hours) of 100 percent clean energy from a local renewable energy provider known as Helgeland Kraft.
Talking of the Norwegian government support, Bitfury CEO Valery Vavilov, praised the Norwegian government for its accommodative tax code and backing for innovation and blockchain technology. Vavilov said,
“Norway is a perfect match for Bitfury’s focus on innovation and growth. We look forward to identifying new customer relationships and designing the products and solutions they need to make their enterprises run more securely and efficiently.”
A plus for crypto mining in Norway is
- The nations with cold temperatures such as Norway, are ideal for cryptocurrency mining as the firms won’t need to spend much on cooling their facilities.
- The country also has a friendly tax code and runs entirely on renewable energy, which is cost efficient and ozone friendly.
- The Norwegian authorities have a favorable stance towards the cryptocurrency industry.
Norway’s Minister of Trade and Industry, Torbjorn Roe Isaksen on this new development mentioned,
“Data will become an increasingly important resource for the business community as well as for society in general. The datacenter industry is growing very fast, and provides Norway with economic growth and new job”
With so many advancements following in Norway as Bitfury is welcomed, this is surely a thumbs up for the other countries to consider crytpo mining, even more for the colder nations where the resources wouldn’t cost a fortune to the government.
KryptoMoney.com publishes latest news and updates about Bitcoin, Blockchain Technology ,Cryptocurrencies and upcoming ICO’s.